Bank of Nova Scotia Has $10.36 Million Stock Holdings in Packaging Corporation of America (NYSE:PKG)

Key Points

• Bank of Nova Scotia reduced its stake in Packaging Corporation of America by 38.0%, holding approximately $10.36 million worth of shares after selling 32,078 during the first quarter.
• Packaging Corporation of America announced a quarterly dividend of $1.25 per share, representing an annualized dividend yield of 2.6% and a payout ratio of 49.90%.
• The company's stock saw a 0.9% increase and has a market capitalization of $17.38 billion, with an average target price set at $215.40

Bank of Nova Scotia trimmed its stake in shares of Packaging Corporation of America (NYSE:PKG - Free Report) by 38.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,333 shares of the industrial products company's stock after selling 32,078 shares during the quarter. Bank of Nova Scotia owned approximately 0.06% of Packaging Corporation of America worth $10,363,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PKG. Exchange Traded Concepts LLC increased its position in Packaging Corporation of America by 20.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 387 shares of the industrial products company's stock valued at $77,000 after acquiring an additional 66 shares during the period. TCTC Holdings LLC increased its position in Packaging Corporation of America by 86.4% in the 1st quarter. TCTC Holdings LLC now owns 151 shares of the industrial products company's stock valued at $30,000 after acquiring an additional 70 shares during the period. Fielder Capital Group LLC increased its position in Packaging Corporation of America by 5.9% in the 1st quarter. Fielder Capital Group LLC now owns 1,279 shares of the industrial products company's stock valued at $253,000 after acquiring an additional 71 shares during the period. Avidian Wealth Enterprises LLC increased its position in Packaging Corporation of America by 6.1% in the 1st quarter. Avidian Wealth Enterprises LLC now owns 1,308 shares of the industrial products company's stock valued at $259,000 after acquiring an additional 75 shares during the period. Finally, Colonial Trust Co SC increased its position in Packaging Corporation of America by 3.9% in the 4th quarter. Colonial Trust Co SC now owns 2,071 shares of the industrial products company's stock valued at $466,000 after acquiring an additional 78 shares during the period. 89.78% of the stock is currently owned by institutional investors and hedge funds.

Packaging Corporation of America Stock Up 0.9%

Packaging Corporation of America stock opened at $193.12 on Tuesday. Packaging Corporation of America has a 1-year low of $172.71 and a 1-year high of $250.82. The firm has a market capitalization of $17.38 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 2.25 and a beta of 0.85. The firm's fifty day moving average price is $196.54 and its two-hundred day moving average price is $198.73. The company has a current ratio of 3.28, a quick ratio of 2.15 and a debt-to-equity ratio of 0.55.

Packaging Corporation of America (NYSE:PKG - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The industrial products company reported $2.48 earnings per share for the quarter, beating analysts' consensus estimates of $2.44 by $0.04. Packaging Corporation of America had a net margin of 10.47% and a return on equity of 20.36%. The company had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.18 billion. During the same period last year, the firm earned $2.20 earnings per share. The firm's revenue was up 4.7% on a year-over-year basis. On average, equities research analysts predict that Packaging Corporation of America will post 10.44 earnings per share for the current fiscal year.

Packaging Corporation of America Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Friday, June 13th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, June 13th. Packaging Corporation of America's dividend payout ratio (DPR) is presently 49.90%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on PKG. Jefferies Financial Group cut shares of Packaging Corporation of America from a "buy" rating to a "hold" rating and decreased their price target for the company from $245.00 to $205.00 in a research report on Monday, June 16th. Wells Fargo & Company increased their price objective on shares of Packaging Corporation of America from $180.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 10th. Citigroup increased their price objective on shares of Packaging Corporation of America from $197.00 to $214.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. UBS Group increased their price objective on shares of Packaging Corporation of America from $210.00 to $220.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. Finally, Truist Financial decreased their price objective on shares of Packaging Corporation of America from $239.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Packaging Corporation of America currently has a consensus rating of "Hold" and an average target price of $215.40.

About Packaging Corporation 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.

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