PNC Financial Services Group Inc. Decreases Stock Position in The Shyft Group, Inc. (NASDAQ:SHYF)

PNC Financial Services Group Inc. lowered its position in The Shyft Group, Inc. (NASDAQ:SHYF - Free Report) by 15.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 374,129 shares of the company's stock after selling 68,622 shares during the period. PNC Financial Services Group Inc. owned 1.08% of The Shyft Group worth $4,695,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Royce & Associates LP lifted its holdings in shares of The Shyft Group by 2.7% in the third quarter. Royce & Associates LP now owns 953,018 shares of the company's stock valued at $11,960,000 after purchasing an additional 24,770 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of The Shyft Group in the third quarter valued at approximately $241,000. Essex Investment Management Co. LLC bought a new position in shares of The Shyft Group in the third quarter valued at approximately $2,292,000. Point72 DIFC Ltd bought a new position in shares of The Shyft Group in the second quarter valued at approximately $60,000. Finally, Point72 Asset Management L.P. bought a new position in shares of The Shyft Group in the second quarter valued at approximately $59,000. Institutional investors own 85.84% of the company's stock.

The Shyft Group Stock Performance

The Shyft Group stock traded up $0.50 during mid-day trading on Friday, reaching $13.78. 266,567 shares of the company's stock were exchanged, compared to its average volume of 207,711. The business's fifty day simple moving average is $12.91 and its 200 day simple moving average is $12.77. The firm has a market capitalization of $475.27 million, a PE ratio of -114.83 and a beta of 1.63. The Shyft Group, Inc. has a one year low of $9.81 and a one year high of $17.56. The company has a quick ratio of 1.16, a current ratio of 1.82 and a debt-to-equity ratio of 0.44.

The Shyft Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, November 15th. This represents a $0.20 dividend on an annualized basis and a yield of 1.45%. The Shyft Group's dividend payout ratio (DPR) is currently -166.67%.

Wall Street Analyst Weigh In

Separately, DA Davidson upgraded The Shyft Group from a "neutral" rating to a "buy" rating and raised their target price for the company from $12.00 to $18.00 in a report on Monday, July 29th.

About The Shyft Group

The Shyft Group, Inc engages in the manufacture and assembly of specialty vehicles for the commercial and recreational vehicle industries in the United States and internationally. It operates in two segments, Fleet Vehicles and Services, and Specialty Vehicles. The Fleet Vehicles and Services segment offers commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries.