PNC Financial Services Group Inc. Has $4.70 Million Position in The Shyft Group, Inc. (NASDAQ:SHYF)

PNC Financial Services Group Inc. trimmed its position in shares of The Shyft Group, Inc. (NASDAQ:SHYF) by 15.5% during the third quarter, HoldingsChannel reports. The firm owned 374,129 shares of the company’s stock after selling 68,622 shares during the quarter. PNC Financial Services Group Inc.’s holdings in The Shyft Group were worth $4,695,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. nVerses Capital LLC acquired a new position in The Shyft Group in the second quarter valued at about $26,000. CWM LLC increased its stake in The Shyft Group by 260.9% during the 2nd quarter. CWM LLC now owns 4,731 shares of the company’s stock worth $56,000 after purchasing an additional 3,420 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in The Shyft Group during the 2nd quarter worth approximately $59,000. Point72 DIFC Ltd bought a new position in The Shyft Group in the second quarter valued at approximately $60,000. Finally, National Bank of Canada FI boosted its holdings in shares of The Shyft Group by 6,784.7% in the second quarter. National Bank of Canada FI now owns 5,852 shares of the company’s stock valued at $65,000 after buying an additional 5,767 shares during the period. Institutional investors and hedge funds own 85.84% of the company’s stock.

Analysts Set New Price Targets

Separately, DA Davidson upgraded shares of The Shyft Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $18.00 in a report on Monday, July 29th.

The Shyft Group Stock Performance

Shares of The Shyft Group stock opened at $13.78 on Friday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.82 and a quick ratio of 1.16. The firm has a market cap of $475.27 million, a price-to-earnings ratio of -114.83 and a beta of 1.63. The stock’s 50-day moving average is $12.91 and its 200-day moving average is $12.77. The Shyft Group, Inc. has a one year low of $9.81 and a one year high of $17.56.

The Shyft Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.45%. The ex-dividend date is Friday, November 15th. The Shyft Group’s payout ratio is -166.67%.

The Shyft Group Profile

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.