PNC Financial Services Group Inc. Sells 684 Shares of Wingstop Inc. (NASDAQ:WING)

PNC Financial Services Group Inc. lessened its holdings in shares of Wingstop Inc. (NASDAQ:WING) by 21.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,541 shares of the restaurant operator’s stock after selling 684 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wingstop were worth $1,057,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Fifth Third Wealth Advisors LLC raised its position in shares of Wingstop by 13.8% during the third quarter. Fifth Third Wealth Advisors LLC now owns 1,276 shares of the restaurant operator’s stock worth $531,000 after purchasing an additional 155 shares during the period. Meeder Asset Management Inc. bought a new stake in Wingstop during the 3rd quarter worth approximately $421,000. Savoir Faire Capital Management L.P. acquired a new stake in Wingstop during the 3rd quarter worth approximately $5,907,000. Quest Partners LLC raised its holdings in Wingstop by 10.0% during the 3rd quarter. Quest Partners LLC now owns 2,822 shares of the restaurant operator’s stock worth $1,174,000 after buying an additional 256 shares during the period. Finally, Claro Advisors LLC bought a new position in Wingstop in the third quarter valued at approximately $245,000.

Wingstop Stock Performance

Shares of WING stock opened at $331.27 on Thursday. Wingstop Inc. has a 52-week low of $232.88 and a 52-week high of $433.86. The stock has a market cap of $9.68 billion, a price-to-earnings ratio of 96.87, a PEG ratio of 3.14 and a beta of 1.76. The firm’s 50-day moving average is $368.31 and its 200-day moving average is $381.61.

Wingstop (NASDAQ:WING) last announced its quarterly earnings results on Wednesday, October 30th. The restaurant operator reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.09). Wingstop had a negative return on equity of 22.69% and a net margin of 17.05%. The business had revenue of $162.50 million for the quarter, compared to analyst estimates of $160.24 million. During the same period last year, the firm earned $0.69 EPS. Wingstop’s quarterly revenue was up 38.8% compared to the same quarter last year. Sell-side analysts predict that Wingstop Inc. will post 3.68 EPS for the current fiscal year.

Wingstop Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Friday, November 15th will be paid a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, November 15th. Wingstop’s dividend payout ratio (DPR) is presently 31.49%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on WING shares. Piper Sandler lowered their price objective on shares of Wingstop from $375.00 to $300.00 and set a “neutral” rating for the company in a research report on Monday, November 4th. Benchmark upgraded Wingstop from a “hold” rating to a “buy” rating and set a $340.00 target price for the company in a report on Thursday, October 31st. Wedbush restated an “outperform” rating and issued a $390.00 price target on shares of Wingstop in a report on Tuesday, November 5th. Barclays decreased their price objective on Wingstop from $470.00 to $380.00 and set an “overweight” rating for the company in a report on Thursday, October 31st. Finally, Northcoast Research raised Wingstop from a “neutral” rating to a “buy” rating and set a $350.00 target price on the stock in a research report on Friday, November 1st. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, Wingstop currently has an average rating of “Moderate Buy” and a consensus target price of $368.74.

About Wingstop

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.