PNC Financial Services Group Inc. Has $5.40 Million Stock Position in Ferrari (NYSE:RACE)

PNC Financial Services Group Inc. cut its stake in shares of Ferrari (NYSE:RACE - Free Report) by 11.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently made changes to their positions in RACE. Assetmark Inc. increased its position in shares of Ferrari by 11.1% during the third quarter. Assetmark Inc. now owns 1,550 shares of the company's stock valued at $729,000 after buying an additional 155 shares during the period. Axxcess Wealth Management LLC grew its position in Ferrari by 20.2% in the 3rd quarter. Axxcess Wealth Management LLC now owns 601 shares of the company's stock worth $283,000 after purchasing an additional 101 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of Ferrari during the 3rd quarter valued at about $33,000. Apollon Wealth Management LLC increased its stake in shares of Ferrari by 7.4% in the 3rd quarter. Apollon Wealth Management LLC now owns 1,002 shares of the company's stock worth $471,000 after purchasing an additional 69 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Ferrari by 1.8% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 136,591 shares of the company's stock valued at $64,213,000 after buying an additional 2,374 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. StockNews.com raised Ferrari from a "hold" rating to a "buy" rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft assumed coverage on Ferrari in a report on Thursday, February 6th. They set a "hold" rating on the stock. Finally, Barclays downgraded shares of Ferrari from an "overweight" rating to an "equal weight" rating in a research note on Wednesday, February 5th. Three research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $507.14.

Remove Ads

Ferrari Stock Down 2.2 %

Shares of NYSE:RACE traded down $10.01 during trading on Thursday, hitting $440.34. 437,701 shares of the company were exchanged, compared to its average volume of 284,344. The firm's 50 day moving average price is $453.26 and its 200-day moving average price is $456.12. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. Ferrari has a 12-month low of $399.27 and a 12-month high of $509.13. The stock has a market capitalization of $106.73 billion, a P/E ratio of 48.12, a PEG ratio of 4.43 and a beta of 0.94.

Ferrari Increases Dividend

The company also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Shareholders of record on Wednesday, April 23rd will be paid a dividend of $3.1265 per share. The ex-dividend date is Wednesday, April 23rd. This is a positive change from Ferrari's previous annual dividend of $2.44. This represents a yield of 0.5%. Ferrari's dividend payout ratio is currently 5.63%.

About Ferrari

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.