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

PNC Financial Services Group Inc. lowered its position in Ferrari (NYSE:RACE) by 11.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RACE. Elite Wealth Management Inc. lifted its position in shares of Ferrari by 1.0% during the 3rd quarter. Elite Wealth Management Inc. now owns 2,606 shares of the company’s stock worth $1,225,000 after buying an additional 25 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in Ferrari by 10.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 329 shares of the company’s stock valued at $140,000 after acquiring an additional 30 shares during the period. Caprock Group LLC grew its stake in Ferrari by 1.7% in the third quarter. Caprock Group LLC now owns 1,823 shares of the company’s stock valued at $857,000 after acquiring an additional 31 shares during the period. EWA LLC lifted its holdings in shares of Ferrari by 6.6% in the third quarter. EWA LLC now owns 518 shares of the company’s stock valued at $228,000 after purchasing an additional 32 shares in the last quarter. Finally, Icon Wealth Advisors LLC lifted its holdings in shares of Ferrari by 8.5% in the third quarter. Icon Wealth Advisors LLC now owns 436 shares of the company’s stock valued at $205,000 after purchasing an additional 34 shares in the last quarter.

Ferrari Trading Up 2.0 %

Shares of NYSE RACE opened at $450.27 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 4.57 and a quick ratio of 3.55. The stock has a market cap of $109.13 billion, a P/E ratio of 49.21, a price-to-earnings-growth ratio of 4.43 and a beta of 0.94. The firm has a 50-day moving average of $453.26 and a 200 day moving average of $456.12. Ferrari has a 1 year low of $399.27 and a 1 year high of $509.13.

Ferrari Increases Dividend

The business also recently declared an annual dividend, which will be paid on Tuesday, May 6th. Stockholders of record on Wednesday, April 23rd will be issued a dividend of $3.1265 per share. This represents a dividend yield of 0.5%. The ex-dividend date of this dividend is Wednesday, April 23rd. This is an increase from Ferrari’s previous annual dividend of $2.44. Ferrari’s dividend payout ratio (DPR) is presently 5.63%.

Analysts Set New Price Targets

Several analysts have issued reports on RACE shares. Deutsche Bank Aktiengesellschaft started coverage on Ferrari in a research note on Thursday, February 6th. They issued a “hold” rating on the stock. Barclays downgraded Ferrari from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 5th. Finally, StockNews.com upgraded Ferrari from a “hold” rating to a “buy” rating in a research note on Wednesday. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $507.14.

Ferrari Profile

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.