PNC Financial Services Group Inc. Has $12.56 Million Stake in Packaging Co. of America (NYSE:PKG)

PNC Financial Services Group Inc. reduced its holdings in Packaging Co. of America (NYSE:PKG) by 7.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,794 shares of the industrial products company’s stock after selling 4,460 shares during the period. PNC Financial Services Group Inc.’s holdings in Packaging Co. of America were worth $12,561,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC lifted its stake in shares of Packaging Co. of America by 17.0% in the 3rd quarter. Sanctuary Advisors LLC now owns 20,270 shares of the industrial products company’s stock valued at $4,366,000 after purchasing an additional 2,946 shares during the period. Jackson Creek Investment Advisors LLC bought a new stake in Packaging Co. of America in the fourth quarter valued at about $293,000. Strategic Financial Concepts LLC acquired a new position in Packaging Co. of America in the fourth quarter valued at about $6,966,000. GAMMA Investing LLC boosted its holdings in Packaging Co. of America by 24.2% during the fourth quarter. GAMMA Investing LLC now owns 2,431 shares of the industrial products company’s stock worth $547,000 after buying an additional 473 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Packaging Co. of America by 8.4% during the 3rd quarter. Principal Financial Group Inc. now owns 460,518 shares of the industrial products company’s stock worth $99,194,000 after buying an additional 35,614 shares during the period. 89.78% of the stock is owned by institutional investors.

Packaging Co. of America Price Performance

Shares of NYSE PKG opened at $197.47 on Wednesday. The company has a fifty day moving average price of $218.85 and a 200 day moving average price of $223.03. The firm has a market cap of $17.73 billion, a PE ratio of 22.11, a PEG ratio of 2.41 and a beta of 0.77. The company has a current ratio of 2.95, a quick ratio of 1.98 and a debt-to-equity ratio of 0.58. Packaging Co. of America has a 1-year low of $169.00 and a 1-year high of $250.82.

Packaging Co. of America (NYSE:PKG) last posted its quarterly earnings data on Tuesday, January 28th. The industrial products company reported $2.47 earnings per share for the quarter, missing the consensus estimate of $2.51 by ($0.04). Packaging Co. of America had a return on equity of 19.67% and a net margin of 9.60%. Research analysts predict that Packaging Co. of America will post 10.44 earnings per share for the current fiscal year.

Packaging Co. of America Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Friday, March 14th will be issued a $1.25 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.53%. Packaging Co. of America’s dividend payout ratio (DPR) is presently 55.99%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PKG shares. Jefferies Financial Group upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating and increased their price target for the company from $215.00 to $280.00 in a research report on Wednesday, December 18th. StockNews.com upgraded shares of Packaging Co. of America from a “hold” rating to a “buy” rating in a report on Wednesday, February 26th. Wells Fargo & Company decreased their price target on shares of Packaging Co. of America from $253.00 to $236.00 and set an “overweight” rating for the company in a report on Thursday, January 30th. Seaport Res Ptn raised Packaging Co. of America from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 13th. Finally, Truist Financial reissued a “buy” rating and issued a $265.00 target price (down from $282.00) on shares of Packaging Co. of America in a research note on Thursday, January 30th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $233.00.

About Packaging Co. of America

Packaging Corporation of America engages in the production of container products. It operates through the following segments: Packaging, Paper, and Corporate and Other. The Packaging segment offers a variety of corrugated packaging products, such as conventional shipping containers. The Paper segment manufactures and sells a range of papers, including communication-based papers, and pressure sensitive papers.