PNC Financial Services Group Inc. Sells 7,317 Shares of Advance Auto Parts, Inc. (NYSE:AAP)

PNC Financial Services Group Inc. lessened its stake in shares of Advance Auto Parts, Inc. (NYSE:AAP) by 49.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,472 shares of the company’s stock after selling 7,317 shares during the period. PNC Financial Services Group Inc.’s holdings in Advance Auto Parts were worth $456,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Advance Auto Parts by 3.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,577,372 shares of the company’s stock valued at $96,267,000 after acquiring an additional 46,226 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its stake in shares of Advance Auto Parts by 94.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 931,125 shares of the company’s stock valued at $52,078,000 after acquiring an additional 452,488 shares in the last quarter. Capital World Investors raised its stake in shares of Advance Auto Parts by 14.3% during the fourth quarter. Capital World Investors now owns 918,259 shares of the company’s stock valued at $56,041,000 after acquiring an additional 114,989 shares in the last quarter. Federated Hermes Inc. increased its holdings in Advance Auto Parts by 2,716,800.0% during the fourth quarter. Federated Hermes Inc. now owns 842,239 shares of the company’s stock valued at $51,402,000 after buying an additional 842,208 shares during the period. Finally, UBS Group AG increased its holdings in Advance Auto Parts by 337.7% during the fourth quarter. UBS Group AG now owns 811,734 shares of the company’s stock valued at $49,540,000 after buying an additional 626,294 shares during the period. Institutional investors own 88.75% of the company’s stock.

Wall Street Analysts Forecast Growth

AAP has been the topic of several research reports. Bank of America lifted their price objective on shares of Advance Auto Parts from $51.00 to $55.00 and gave the company an “underperform” rating in a report on Thursday, May 30th. Truist Financial cut their price objective on shares of Advance Auto Parts from $70.00 to $63.00 and set a “hold” rating on the stock in a report on Thursday, May 30th. Evercore ISI lifted their price objective on shares of Advance Auto Parts from $72.00 to $73.00 and gave the company an “in-line” rating in a report on Thursday, June 20th. Wedbush reissued a “neutral” rating and set a $70.00 price objective on shares of Advance Auto Parts in a report on Friday, May 24th. Finally, Mizuho cut their price target on shares of Advance Auto Parts from $78.00 to $64.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating and sixteen have issued a hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $64.00.

Advance Auto Parts Trading Up 1.5 %

NYSE AAP opened at $62.70 on Friday. The company has a market capitalization of $3.74 billion, a PE ratio of 90.87, a P/E/G ratio of 1.22 and a beta of 1.20. The company has a fifty day moving average of $69.97 and a 200 day moving average of $69.27. Advance Auto Parts, Inc. has a 1 year low of $47.73 and a 1 year high of $88.56. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.22 and a quick ratio of 0.29.

Advance Auto Parts (NYSE:AAP) last posted its earnings results on Wednesday, May 29th. The company reported $0.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.02). The business had revenue of $3.41 billion for the quarter, compared to analyst estimates of $3.43 billion. Advance Auto Parts had a net margin of 0.37% and a return on equity of 1.59%. The company’s revenue for the quarter was down .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.72 earnings per share. Research analysts forecast that Advance Auto Parts, Inc. will post 3.72 earnings per share for the current year.

Advance Auto Parts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 26th. Shareholders of record on Friday, July 12th will be given a $0.25 dividend. The ex-dividend date is Friday, July 12th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.59%. Advance Auto Parts’s dividend payout ratio (DPR) is currently 144.93%.

About Advance Auto Parts

Advance Auto Parts, Inc provides automotive replacement parts, accessories, batteries, and maintenance items for domestic and imported cars, vans, sport utility vehicles, and light and heavy duty trucks. The company offers battery accessories; belts and hoses; brakes and brake pads; chassis and climate control parts; clutches and drive shafts; engines and engine parts; exhaust systems and parts; hub assemblies; ignition components and wires; radiators and cooling parts; starters and alternators; and steering and alignment parts.