Lowe's Companies, Inc. (NYSE:LOW) Stock Position Reduced by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. holds a $92.21 million stake in Lowe's Companies, owning 395,366 shares after a minor reduction of 0.6% in the first quarter.
• Lowe's Companies recently reported a quarterly earnings per share (EPS) of $2.92, surpassing estimates despite a revenue decline of 2.0% compared to the previous year.
• The company announced an increase in its quarterly dividend to $1.20, reflecting an annualized yield of 2.1% and marking a boost from the previous dividend of $1.15.

PNC Financial Services Group Inc. lessened its holdings in Lowe's Companies, Inc. (NYSE:LOW - Free Report) by 0.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 395,366 shares of the home improvement retailer's stock after selling 2,566 shares during the period. PNC Financial Services Group Inc. owned approximately 0.07% of Lowe's Companies worth $92,211,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wood Tarver Financial Group LLC acquired a new stake in Lowe's Companies in the fourth quarter valued at $25,000. Fairway Wealth LLC acquired a new position in Lowe's Companies in the first quarter valued at $32,000. Orion Capital Management LLC acquired a new position in shares of Lowe's Companies during the fourth quarter worth about $36,000. Inlight Wealth Management LLC acquired a new position in shares of Lowe's Companies during the first quarter worth about $36,000. Finally, IFS Advisors LLC increased its stake in shares of Lowe's Companies by 60.0% during the first quarter. IFS Advisors LLC now owns 160 shares of the home improvement retailer's stock worth $37,000 after acquiring an additional 60 shares during the period. 74.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Juliette Williams Pryor sold 1,130 shares of the business's stock in a transaction that occurred on Tuesday, June 3rd. The shares were sold at an average price of $227.50, for a total transaction of $257,075.00. Following the sale, the executive vice president owned 31,898 shares in the company, valued at $7,256,795. The trade was a 3.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.27% of the stock is owned by corporate insiders.

Lowe's Companies Trading Up 0.9%

NYSE:LOW traded up $2.19 during mid-day trading on Tuesday, hitting $236.00. The stock had a trading volume of 419,319 shares, compared to its average volume of 2,643,260. The stock has a market capitalization of $132.26 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 2.14 and a beta of 0.89. The company has a 50 day simple moving average of $223.29 and a 200-day simple moving average of $231.19. Lowe's Companies, Inc. has a 52 week low of $206.38 and a 52 week high of $287.01.

Lowe's Companies (NYSE:LOW - Get Free Report) last released its quarterly earnings results on Wednesday, May 21st. The home improvement retailer reported $2.92 EPS for the quarter, topping analysts' consensus estimates of $2.88 by $0.04. Lowe's Companies had a net margin of 8.22% and a negative return on equity of 49.12%. The company had revenue of $20.93 billion for the quarter, compared to the consensus estimate of $21.09 billion. During the same period in the previous year, the firm earned $3.06 EPS. Lowe's Companies's revenue was down 2.0% on a year-over-year basis. As a group, equities research analysts anticipate that Lowe's Companies, Inc. will post 11.9 earnings per share for the current year.

Lowe's Companies Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 6th. Stockholders of record on Wednesday, July 23rd will be paid a $1.20 dividend. The ex-dividend date of this dividend is Wednesday, July 23rd. This represents a $4.80 annualized dividend and a dividend yield of 2.0%. This is an increase from Lowe's Companies's previous quarterly dividend of $1.15. Lowe's Companies's dividend payout ratio is presently 39.77%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on LOW shares. KeyCorp upgraded shares of Lowe's Companies from a "sector weight" rating to an "overweight" rating and set a $266.00 target price on the stock in a research report on Friday, April 25th. Citigroup reduced their price objective on shares of Lowe's Companies from $253.00 to $242.00 and set a "neutral" rating on the stock in a research note on Thursday, July 31st. Mizuho reissued an "outperform" rating and set a $280.00 price objective on shares of Lowe's Companies in a research note on Friday, June 13th. Wells Fargo & Company cut their price target on shares of Lowe's Companies from $285.00 to $260.00 and set an "overweight" rating on the stock in a research note on Thursday, May 8th. Finally, Truist Financial set a $264.00 target price on shares of Lowe's Companies and gave the company a "buy" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $270.68.

Lowe's Companies Company Profile

Lowe's Companies, Inc, together with its subsidiaries, operates as a home improvement retailer in the United States. The company offers a line of products for construction, maintenance, repair, remodeling, and decorating. It also provides home improvement products, such as appliances, seasonal and outdoor living, lawn and garden, lumber, kitchens and bath, tools, paint, millwork, hardware, flooring, rough plumbing, building materials, décor, and electrical.