PNC Financial Services Group Inc. Buys 8,542 Shares of Electronic Arts Inc. (NASDAQ:EA)

PNC Financial Services Group Inc. boosted its stake in Electronic Arts Inc. (NASDAQ:EA) by 20.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 50,354 shares of the game software company’s stock after purchasing an additional 8,542 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Electronic Arts were worth $7,223,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position in shares of Electronic Arts by 496.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,511,250 shares of the game software company’s stock worth $333,169,000 after purchasing an additional 2,090,504 shares during the last quarter. Benchmark Investment Advisors LLC bought a new position in shares of Electronic Arts during the 1st quarter valued at about $361,000. Jericho Capital Asset Management L.P. purchased a new position in shares of Electronic Arts during the 1st quarter valued at about $189,055,000. Jacobs Levy Equity Management Inc. bought a new stake in Electronic Arts in the 1st quarter worth approximately $25,445,000. Finally, B. Riley Wealth Advisors Inc. boosted its stake in Electronic Arts by 4.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 2,194 shares of the game software company’s stock worth $291,000 after buying an additional 97 shares in the last quarter. Hedge funds and other institutional investors own 90.23% of the company’s stock.

Insider Buying and Selling

In other news, insider Vijayanthimala Singh sold 7,384 shares of the stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $149.91, for a total value of $1,106,935.44. Following the sale, the insider now directly owns 31,190 shares of the company’s stock, valued at approximately $4,675,692.90. This represents a 19.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Andrew Wilson sold 2,500 shares of the company’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $141.50, for a total transaction of $353,750.00. Following the completion of the transaction, the chief executive officer now owns 54,247 shares in the company, valued at approximately $7,675,950.50. The trade was a 4.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,384 shares of company stock valued at $4,776,635 over the last quarter. Corporate insiders own 0.22% of the company’s stock.

Wall Street Analyst Weigh In

EA has been the subject of a number of recent research reports. Raymond James boosted their price objective on shares of Electronic Arts from $155.00 to $170.00 and gave the stock an “outperform” rating in a report on Wednesday, July 31st. Benchmark reaffirmed a “buy” rating and set a $163.00 price objective on shares of Electronic Arts in a research note on Wednesday, October 30th. Wedbush reissued an “outperform” rating and issued a $170.00 target price on shares of Electronic Arts in a research note on Friday, October 25th. JPMorgan Chase & Co. reduced their price target on Electronic Arts from $155.00 to $150.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 30th. Finally, Bank of America boosted their price objective on Electronic Arts from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $165.37.

Electronic Arts Price Performance

EA opened at $166.67 on Friday. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.25. The company has a market cap of $43.71 billion, a price-to-earnings ratio of 42.85, a price-to-earnings-growth ratio of 2.19 and a beta of 0.78. The stock has a fifty day simple moving average of $149.36 and a two-hundred day simple moving average of $143.84. Electronic Arts Inc. has a 12-month low of $124.92 and a 12-month high of $168.50.

Electronic Arts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be given a dividend of $0.19 per share. The ex-dividend date is Wednesday, November 27th. This represents a $0.76 dividend on an annualized basis and a yield of 0.46%. Electronic Arts’s dividend payout ratio (DPR) is currently 19.54%.

About Electronic Arts

Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. It develops and publishes games and services across various genres, such as sports, racing, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, The Sims, Apex Legends, Need for Speed, and license games from others, including FIFA, Madden NFL, UFC, and Star Wars brands.