PNC Financial Services Group Inc. Decreases Stake in Omnicom Group Inc. (NYSE:OMC)

Key Points

• PNC Financial Services Group Inc. reduced its stake in Omnicom Group Inc. by 3.0%, holding 233,833 shares after selling 7,244 shares in the first quarter.
• Various other large investors made significant adjustments to their positions, including Pacer Advisors Inc., which increased its stake by 17,506.1%.
• Omnicom Group is set to pay a quarterly dividend of $0.70 per share on October 10th, with an annualized yield of 3.9%.

PNC Financial Services Group Inc. decreased its position in shares of Omnicom Group Inc. (NYSE:OMC - Free Report) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 233,833 shares of the business services provider's stock after selling 7,244 shares during the period. PNC Financial Services Group Inc. owned approximately 0.12% of Omnicom Group worth $19,387,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Merit Financial Group LLC boosted its stake in Omnicom Group by 157.9% in the first quarter. Merit Financial Group LLC now owns 7,661 shares of the business services provider's stock valued at $635,000 after buying an additional 4,690 shares in the last quarter. Golden State Wealth Management LLC lifted its stake in shares of Omnicom Group by 230.2% in the first quarter. Golden State Wealth Management LLC now owns 492 shares of the business services provider's stock worth $41,000 after acquiring an additional 343 shares during the period. Fifth Third Bancorp lifted its stake in shares of Omnicom Group by 13.9% in the first quarter. Fifth Third Bancorp now owns 7,459 shares of the business services provider's stock worth $618,000 after acquiring an additional 913 shares during the period. Oppenheimer & Co. Inc. bought a new stake in Omnicom Group in the first quarter worth approximately $1,357,000. Finally, Asset Management One Co. Ltd. increased its holdings in Omnicom Group by 10.4% in the first quarter. Asset Management One Co. Ltd. now owns 81,474 shares of the business services provider's stock worth $6,755,000 after purchasing an additional 7,665 shares in the last quarter. Institutional investors own 91.97% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Bank of America raised Omnicom Group from an "underperform" rating to a "neutral" rating and set a $80.00 target price on the stock in a research report on Monday, June 23rd. Wells Fargo & Company dropped their price target on Omnicom Group from $84.00 to $78.00 and set an "equal weight" rating on the stock in a research report on Wednesday, July 16th. JPMorgan Chase & Co. decreased their price objective on Omnicom Group from $104.00 to $96.00 and set an "overweight" rating on the stock in a research note on Thursday, July 10th. Barclays lowered Omnicom Group from an "overweight" rating to an "equal weight" rating and decreased their target price for the stock from $105.00 to $80.00 in a research note on Wednesday, June 25th. Finally, Citigroup reiterated a "buy" rating and issued a $103.00 price objective on shares of Omnicom Group in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Omnicom Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.43.

Omnicom Group Stock Down 0.5%

Shares of OMC traded down $0.37 on Thursday, reaching $72.58. The stock had a trading volume of 3,562,794 shares, compared to its average volume of 3,656,199. The firm has a market capitalization of $14.06 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 1.44 and a beta of 0.94. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.80 and a current ratio of 0.92. The company has a 50-day simple moving average of $72.48 and a 200-day simple moving average of $77.05. Omnicom Group Inc. has a 12-month low of $68.37 and a 12-month high of $107.00.

Omnicom Group (NYSE:OMC - Get Free Report) last released its earnings results on Tuesday, July 15th. The business services provider reported $2.05 EPS for the quarter, beating analysts' consensus estimates of $2.02 by $0.03. The company had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.95 billion. Omnicom Group had a return on equity of 33.62% and a net margin of 8.67%. The firm's revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.95 EPS. Sell-side analysts predict that Omnicom Group Inc. will post 8.25 EPS for the current year.

Omnicom Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.70 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $2.80 dividend on an annualized basis and a yield of 3.9%. Omnicom Group's payout ratio is presently 40.17%.

About Omnicom Group

Omnicom Group Inc, together with its subsidiaries, offers advertising, marketing, and corporate communications services. It provides a range of services in the areas of advertising and media, precision marketing, commerce and branding, experiential, execution and support, public relations, and healthcare.