PNC Financial Services Group Inc. Has $276,000 Stock Position in Adeia Inc. (NASDAQ:ADEA)

PNC Financial Services Group Inc. raised its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 24.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,269 shares of the company’s stock after buying an additional 4,315 shares during the period. PNC Financial Services Group Inc.’s holdings in Adeia were worth $276,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Rubric Capital Management LP raised its stake in shares of Adeia by 1.0% in the 3rd quarter. Rubric Capital Management LP now owns 4,640,009 shares of the company’s stock valued at $49,555,000 after acquiring an additional 47,448 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Adeia by 4.2% in the third quarter. The Manufacturers Life Insurance Company now owns 2,441,865 shares of the company’s stock worth $26,079,000 after buying an additional 97,792 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its stake in shares of Adeia by 0.5% in the third quarter. Jacobs Levy Equity Management Inc. now owns 438,048 shares of the company’s stock worth $4,678,000 after buying an additional 2,227 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Adeia by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 13,941,966 shares of the company’s stock worth $148,900,000 after buying an additional 233,675 shares during the period. Finally, TSP Capital Management Group LLC grew its stake in Adeia by 1.2% in the 4th quarter. TSP Capital Management Group LLC now owns 1,016,654 shares of the company’s stock valued at $12,596,000 after buying an additional 12,512 shares during the last quarter. Institutional investors and hedge funds own 97.36% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ADEA shares. BWS Financial restated a “buy” rating and set a $16.00 price target on shares of Adeia in a report on Tuesday, May 7th. Rosenblatt Securities restated a “buy” rating and set a $15.00 target price on shares of Adeia in a research note on Thursday, June 20th.

Adeia Trading Up 2.6 %

Shares of ADEA stock opened at $11.19 on Monday. The firm has a market capitalization of $1.21 billion, a P/E ratio of 32.91 and a beta of 1.44. Adeia Inc. has a 1 year low of $8.11 and a 1 year high of $13.39. The firm’s fifty day simple moving average is $11.08 and its 200 day simple moving average is $11.34. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt-to-equity ratio of 1.46.

Adeia (NASDAQ:ADEA) last posted its quarterly earnings data on Monday, May 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $83.41 million for the quarter, compared to the consensus estimate of $83.55 million. Adeia had a net margin of 11.06% and a return on equity of 33.89%. As a group, sell-side analysts predict that Adeia Inc. will post 1.2 EPS for the current year.

Adeia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Shareholders of record on Tuesday, May 28th were issued a $0.05 dividend. The ex-dividend date was Friday, May 24th. This represents a $0.20 annualized dividend and a yield of 1.79%. Adeia’s dividend payout ratio (DPR) is 58.83%.

About Adeia

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.