PNC Financial Services Group Inc. Purchases 2,161 Shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

Key Points

• PNC Financial Services Group Inc. increased its stake in Old Dominion Freight Line by 8.6%, owning 27,223 shares valued at approximately $4.5 million after purchasing an additional 2,161 shares in the first quarter.
• Old Dominion Freight Line reported $1.27 earnings per share for the latest quarter, missing the consensus estimate by $0.02, with a 6.1% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $0.28 per share, with a payout ratio of 21.88% and an annualized yield of 0.7%.

PNC Financial Services Group Inc. lifted its holdings in Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 8.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 27,223 shares of the transportation company's stock after purchasing an additional 2,161 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Old Dominion Freight Line were worth $4,504,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Larson Financial Group LLC grew its stake in shares of Old Dominion Freight Line by 234.8% in the 1st quarter. Larson Financial Group LLC now owns 154 shares of the transportation company's stock worth $25,000 after buying an additional 108 shares in the last quarter. American National Bank & Trust purchased a new stake in shares of Old Dominion Freight Line during the 1st quarter valued at about $30,000. Itau Unibanco Holding S.A. lifted its holdings in shares of Old Dominion Freight Line by 518.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 229 shares of the transportation company's stock valued at $40,000 after acquiring an additional 192 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Old Dominion Freight Line in the first quarter worth about $39,000. Finally, Olde Wealth Management LLC bought a new stake in Old Dominion Freight Line during the first quarter worth approximately $43,000. Institutional investors own 77.82% of the company's stock.

Old Dominion Freight Line Stock Up 1.9%

Shares of NASDAQ ODFL opened at $149.93 on Thursday. Old Dominion Freight Line, Inc. has a 52-week low of $141.73 and a 52-week high of $233.26. The firm has a market capitalization of $31.68 billion, a price-to-earnings ratio of 29.28, a PEG ratio of 3.39 and a beta of 1.24. The stock has a 50 day moving average price of $161.28 and a 200 day moving average price of $167.87. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.32 and a current ratio of 1.38.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last issued its earnings results on Wednesday, July 30th. The transportation company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.29 by ($0.02). Old Dominion Freight Line had a return on equity of 25.94% and a net margin of 19.42%. The firm had revenue of $1.41 billion during the quarter, compared to analysts' expectations of $1.43 billion. During the same quarter in the prior year, the company posted $1.48 earnings per share. Old Dominion Freight Line's quarterly revenue was down 6.1% compared to the same quarter last year. Sell-side analysts expect that Old Dominion Freight Line, Inc. will post 5.68 earnings per share for the current year.

Old Dominion Freight Line Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.12 dividend on an annualized basis and a yield of 0.7%. Old Dominion Freight Line's dividend payout ratio (DPR) is 21.88%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on Old Dominion Freight Line from $175.00 to $180.00 and gave the company a "buy" rating in a research report on Monday, June 30th. UBS Group cut their target price on Old Dominion Freight Line from $158.00 to $155.00 and set a "neutral" rating on the stock in a research report on Thursday, July 31st. JPMorgan Chase & Co. lowered their price target on Old Dominion Freight Line from $158.00 to $146.00 and set a "neutral" rating for the company in a research report on Tuesday, July 8th. Evercore ISI dropped their price objective on shares of Old Dominion Freight Line from $164.00 to $156.00 and set an "in-line" rating for the company in a research note on Thursday, April 24th. Finally, TD Cowen cut their price objective on shares of Old Dominion Freight Line from $166.00 to $159.00 and set a "hold" rating on the stock in a research report on Thursday, July 31st. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $167.62.

Old Dominion Freight Line Company Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.

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