PNC Financial Services Group Inc. Acquires 2,947 Shares of Reliance, Inc. (NYSE:RS)

Key Points

• PNC Financial Services Group Inc. increased its holdings in Reliance, Inc. (NYSE:RS) by 34.0% in the first quarter, bringing its total ownership to 11,607 shares valued at approximately $3.35 million.
• Reliance recently reported earnings per share of $4.43, missing analyst expectations, but managed a slight revenue increase of 0.5% year-over-year.
• A quarterly dividend of $1.20 per share will be paid on August 29th, representing an annualized dividend yield of 1.7% and a payout ratio of 35.04%.

PNC Financial Services Group Inc. grew its position in Reliance, Inc. (NYSE:RS - Free Report) by 34.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,607 shares of the industrial products company's stock after purchasing an additional 2,947 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Reliance were worth $3,352,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of RS. Orion Portfolio Solutions LLC bought a new position in shares of Reliance in the fourth quarter worth approximately $282,000. Wells Fargo & Company MN boosted its position in shares of Reliance by 18.3% in the fourth quarter. Wells Fargo & Company MN now owns 70,186 shares of the industrial products company's stock worth $18,898,000 after purchasing an additional 10,841 shares during the period. Envestnet Asset Management Inc. boosted its position in shares of Reliance by 22.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 73,902 shares of the industrial products company's stock worth $19,899,000 after acquiring an additional 13,506 shares during the last quarter. FMR LLC boosted its position in shares of Reliance by 25.1% during the fourth quarter. FMR LLC now owns 507,618 shares of the industrial products company's stock worth $136,681,000 after acquiring an additional 101,733 shares during the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Reliance by 6.5% during the fourth quarter. Bank of Montreal Can now owns 10,122 shares of the industrial products company's stock worth $2,725,000 after acquiring an additional 616 shares during the last quarter. 79.26% of the stock is currently owned by institutional investors.

Reliance Price Performance

Shares of NYSE:RS traded down $0.58 during midday trading on Friday, reaching $284.89. 316,262 shares of the company were exchanged, compared to its average volume of 484,144. The company has a current ratio of 3.18, a quick ratio of 1.51 and a debt-to-equity ratio of 0.14. The business's fifty day moving average is $312.16 and its two-hundred day moving average is $296.54. Reliance, Inc. has a one year low of $250.07 and a one year high of $347.43. The stock has a market cap of $14.98 billion, a PE ratio of 20.79, a price-to-earnings-growth ratio of 1.36 and a beta of 0.89.

Reliance (NYSE:RS - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The industrial products company reported $4.43 earnings per share for the quarter, missing analysts' consensus estimates of $4.72 by ($0.29). Reliance had a return on equity of 10.48% and a net margin of 5.39%. The company had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the prior year, the company posted $4.65 EPS. Reliance's revenue was up .5% compared to the same quarter last year. As a group, analysts predict that Reliance, Inc. will post 16.98 earnings per share for the current year.

Reliance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Friday, August 15th will be given a dividend of $1.20 per share. The ex-dividend date is Friday, August 15th. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.7%. Reliance's dividend payout ratio is currently 35.04%.

About Reliance

Reliance, Inc operates as a diversified metal solutions provider and the metals service center company in the United States, Canada, and internationally. The company distributes a line of approximately 100,000 metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium, and specialty steel products; and provides metals processing services to general manufacturing, non-residential construction, transportation, aerospace, energy, electronics and semiconductor fabrication, and heavy industries.