Bank of America Cuts United Parcel Service (NYSE:UPS) Price Target to $129.00

United Parcel Service (NYSE:UPS) had its price objective trimmed by Bank of America from $133.00 to $129.00 in a report released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the transportation company’s stock.

UPS has been the subject of several other research reports. The Goldman Sachs Group cut their target price on United Parcel Service from $166.00 to $147.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Loop Capital dropped their price objective on United Parcel Service from $120.00 to $115.00 and set a “hold” rating for the company in a research note on Monday, February 3rd. Truist Financial started coverage on United Parcel Service in a research note on Thursday, March 13th. They issued a “buy” rating and a $140.00 target price on the stock. Wells Fargo & Company dropped their price target on United Parcel Service from $150.00 to $128.00 and set an “overweight” rating for the company in a research report on Friday, January 31st. Finally, Raymond James cut their target price on shares of United Parcel Service from $155.00 to $145.00 and set a “strong-buy” rating for the company in a research report on Friday, January 31st. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $137.57.

United Parcel Service Price Performance

UPS opened at $111.05 on Tuesday. The firm has a 50-day moving average price of $118.92 and a 200-day moving average price of $126.58. United Parcel Service has a twelve month low of $109.40 and a twelve month high of $154.29. The company has a quick ratio of 1.14, a current ratio of 1.17 and a debt-to-equity ratio of 1.16. The company has a market capitalization of $94.85 billion, a price-to-earnings ratio of 16.43, a PEG ratio of 1.55 and a beta of 0.94.

United Parcel Service (NYSE:UPS) last released its quarterly earnings data on Thursday, January 30th. The transportation company reported $2.75 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.23. United Parcel Service had a net margin of 6.35% and a return on equity of 39.13%. During the same period last year, the business posted $2.47 earnings per share. Equities analysts expect that United Parcel Service will post 7.95 EPS for the current year.

United Parcel Service Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Tuesday, February 18th were issued a dividend of $1.64 per share. This is an increase from United Parcel Service’s previous quarterly dividend of $1.63. The ex-dividend date was Tuesday, February 18th. This represents a $6.56 dividend on an annualized basis and a dividend yield of 5.91%. United Parcel Service’s dividend payout ratio is 97.04%.

Hedge Funds Weigh In On United Parcel Service

Several institutional investors and hedge funds have recently added to or reduced their stakes in UPS. Swedbank AB raised its stake in United Parcel Service by 2.8% during the third quarter. Swedbank AB now owns 280,509 shares of the transportation company’s stock valued at $38,245,000 after buying an additional 7,675 shares during the last quarter. Summit Trail Advisors LLC raised its position in shares of United Parcel Service by 8.9% in the 3rd quarter. Summit Trail Advisors LLC now owns 5,924 shares of the transportation company’s stock worth $808,000 after purchasing an additional 483 shares during the last quarter. Fisher Asset Management LLC boosted its stake in United Parcel Service by 5.0% in the 3rd quarter. Fisher Asset Management LLC now owns 124,070 shares of the transportation company’s stock worth $16,916,000 after purchasing an additional 5,956 shares in the last quarter. DRW Securities LLC bought a new stake in United Parcel Service during the 3rd quarter valued at about $1,040,000. Finally, Loomis Sayles & Co. L P raised its holdings in United Parcel Service by 58.6% in the third quarter. Loomis Sayles & Co. L P now owns 97,712 shares of the transportation company’s stock worth $13,322,000 after buying an additional 36,091 shares during the last quarter. Hedge funds and other institutional investors own 60.26% of the company’s stock.

About United Parcel Service

United Parcel Service, Inc, a package delivery company, provides transportation and delivery, distribution, contract logistics, ocean freight, airfreight, customs brokerage, and insurance services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery of express letters, documents, small packages, and palletized freight through air and ground services in the United States.