PNC Financial Services Group Inc. Reduces Stake in Advance Auto Parts, Inc. (NYSE:AAP)

PNC Financial Services Group Inc. trimmed its stake in Advance Auto Parts, Inc. (NYSE:AAP) by 4.9% during the fourth quarter, Holdings Channel reports. The fund owned 6,386 shares of the company’s stock after selling 332 shares during the period. PNC Financial Services Group Inc.’s holdings in Advance Auto Parts were worth $302,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AMG National Trust Bank boosted its stake in Advance Auto Parts by 3.4% in the fourth quarter. AMG National Trust Bank now owns 31,575 shares of the company’s stock valued at $1,454,000 after acquiring an additional 1,049 shares during the last quarter. Edgestream Partners L.P. purchased a new position in Advance Auto Parts in the fourth quarter valued at about $5,116,000. Inceptionr LLC purchased a new stake in shares of Advance Auto Parts during the 4th quarter valued at approximately $309,000. Raymond James Financial Inc. bought a new position in Advance Auto Parts in the 4th quarter worth approximately $8,822,000. Finally, Vision Financial Markets LLC bought a new position in Advance Auto Parts in the 4th quarter worth approximately $42,000. 88.75% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Advance Auto Parts

In other Advance Auto Parts news, CEO Shane M. Okelly bought 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were bought at an average price of $36.79 per share, for a total transaction of $55,185.00. Following the transaction, the chief executive officer now directly owns 183,121 shares in the company, valued at $6,737,021.59. This trade represents a 0.83 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eugene I. Lee, Jr. bought 14,640 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $34.15 per share, for a total transaction of $499,956.00. Following the transaction, the director now owns 34,070 shares in the company, valued at $1,163,490.50. This trade represents a 75.35 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 0.35% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently commented on AAP. Barclays cut their price objective on shares of Advance Auto Parts from $66.00 to $54.00 and set an “equal weight” rating for the company in a report on Thursday, January 9th. Royal Bank of Canada cut their price objective on shares of Advance Auto Parts from $50.00 to $44.00 and set a “sector perform” rating for the company in a report on Thursday, February 27th. Truist Financial cut their price objective on shares of Advance Auto Parts from $39.00 to $34.00 and set a “hold” rating for the company in a report on Thursday, February 27th. Citigroup cut their price objective on shares of Advance Auto Parts from $47.00 to $40.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Finally, BMO Capital Markets cut their price target on shares of Advance Auto Parts from $45.00 to $40.00 and set a “market perform” rating for the company in a report on Thursday, February 27th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $45.13.

Advance Auto Parts Stock Performance

NYSE AAP opened at $37.43 on Friday. Advance Auto Parts, Inc. has a 52-week low of $33.08 and a 52-week high of $87.36. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.62 and a current ratio of 1.34. The company has a market capitalization of $2.24 billion, a P/E ratio of 51.27, a P/E/G ratio of 1.98 and a beta of 1.27. The company has a fifty day moving average of $43.12 and a 200-day moving average of $41.92.

Advance Auto Parts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 25th. Stockholders of record on Friday, April 11th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Friday, April 11th. Advance Auto Parts’s dividend payout ratio is currently -17.86%.

Advance Auto Parts Profile

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.