PNC Financial Services Group Inc. Sells 1,618 Shares of Ferrari (NYSE:RACE)

PNC Financial Services Group Inc. cut its holdings in Ferrari (NYSE:RACE) by 11.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 12,711 shares of the company’s stock after selling 1,618 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Ferrari were worth $5,400,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Elite Wealth Management Inc. boosted its stake in shares of Ferrari by 1.0% during the third quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock valued at $1,225,000 after purchasing an additional 25 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Ferrari by 10.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock worth $140,000 after purchasing an additional 30 shares in the last quarter. Caprock Group LLC grew its stake in shares of Ferrari by 1.7% during the third quarter. Caprock Group LLC now owns 1,823 shares of the company’s stock worth $857,000 after acquiring an additional 31 shares during the last quarter. EWA LLC grew its stake in shares of Ferrari by 6.6% during the third quarter. EWA LLC now owns 518 shares of the company’s stock worth $228,000 after acquiring an additional 32 shares during the last quarter. Finally, Icon Wealth Advisors LLC boosted its position in Ferrari by 8.5% in the third quarter. Icon Wealth Advisors LLC now owns 436 shares of the company’s stock valued at $205,000 after buying an additional 34 shares during the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft began coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating for the company. Finally, Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, February 5th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $507.14.

Ferrari Stock Up 2.0 %

Shares of NYSE:RACE opened at $450.27 on Thursday. The firm has a market cap of $109.13 billion, a price-to-earnings ratio of 49.21, a PEG ratio of 4.43 and a beta of 0.94. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The company has a current ratio of 4.57, a quick ratio of 3.55 and a debt-to-equity ratio of 0.93. The stock’s 50-day moving average price is $453.26 and its two-hundred day moving average price is $456.12.

Ferrari Increases Dividend

The business also recently announced an annual dividend, which will be paid on Tuesday, May 6th. Investors of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This is an increase from Ferrari’s previous annual dividend of $2.44. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Ferrari Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.