Royal Bank of Canada Trims Holdings in Pan American Silver Corp. $PAAS

Key Points

• Royal Bank of Canada cut its Pan American Silver stake by 13.9% in the first quarter, selling 636,897 shares and retaining 3.93 million shares valued at approximately $214.7 million.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $70.43, despite downgrades from Zacks Research and Weiss Ratings and reduced targets from Bank of America and Jefferies.
• Pan American Silver reported quarterly EPS of $1.09, beating estimates, while revenue rose 49.3% year over year to $1.33 billion. The company also pays a quarterly dividend of $0.18 per share, equal to a 1.7% yield.

Royal Bank of Canada trimmed its stake in shares of Pan American Silver Corp. (NYSE:PAAS - Free Report) TSE: PAAS by 13.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,930,161 shares of the basic materials company's stock after selling 636,897 shares during the quarter. Royal Bank of Canada owned 0.93% of Pan American Silver worth $214,705,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Fifth Third Bancorp increased its position in shares of Pan American Silver by 1,336.1% during the first quarter. Fifth Third Bancorp now owns 517 shares of the basic materials company's stock valued at $28,000 after buying an additional 481 shares during the period. Parallel Advisors LLC increased its holdings in Pan American Silver by 151.8% during the 3rd quarter. Parallel Advisors LLC now owns 642 shares of the basic materials company's stock worth $25,000 after acquiring an additional 387 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Pan American Silver during the 4th quarter worth approximately $34,000. Laurel Wealth Advisors LLC purchased a new stake in Pan American Silver in the 4th quarter worth approximately $41,000. Finally, Harbor Investment Advisory LLC bought a new position in Pan American Silver in the 1st quarter valued at $44,000. Hedge funds and other institutional investors own 55.43% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Zacks Research downgraded Pan American Silver from a "hold" rating to a "strong sell" rating in a research report on Friday, July 17th. Bank of America cut their price objective on Pan American Silver from $77.00 to $69.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Weiss Ratings downgraded shares of Pan American Silver from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. TD Securities raised shares of Pan American Silver from a "hold" rating to a "buy" rating and set a $72.00 price target on the stock in a report on Monday, May 11th. Finally, Jefferies Financial Group lowered their price objective on shares of Pan American Silver from $54.00 to $53.00 and set a "hold" rating on the stock in a research report on Monday, July 6th. Eight research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $70.43.

Pan American Silver Stock Down 1.7%

Shares of PAAS opened at $42.50 on Thursday. The firm has a market cap of $17.72 billion, a P/E ratio of 13.66, a P/E/G ratio of 3.71 and a beta of 0.72. The stock has a 50 day simple moving average of $47.41 and a two-hundred day simple moving average of $53.95. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.84 and a quick ratio of 2.11. Pan American Silver Corp. has a 1 year low of $26.76 and a 1 year high of $69.99.

Pan American Silver (NYSE:PAAS - Get Free Report) TSE: PAAS last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.06 by $0.03. Pan American Silver had a net margin of 31.66% and a return on equity of 19.50%. The company had revenue of $1.33 billion during the quarter, compared to analysts' expectations of $1.25 billion. During the same quarter in the prior year, the company earned $0.42 EPS. The firm's revenue was up 49.3% on a year-over-year basis. On average, analysts forecast that Pan American Silver Corp. will post 4.15 earnings per share for the current fiscal year.

Pan American Silver Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 1st. Shareholders of record on Tuesday, May 19th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.7%. The ex-dividend date was Tuesday, May 19th. Pan American Silver's dividend payout ratio is presently 23.15%.

Pan American Silver Company Profile

Pan American Silver Corp. NYSE: PAAS is a Vancouver-based mining company and one of the world’s largest primary silver producers. The company’s core activities encompass the exploration, development, extraction and processing of silver, with significant by-product production of gold, zinc and lead. Pan American Silver maintains a vertically integrated operating model, covering the full mining value chain from resource discovery through to refined metal production.

With a geographic footprint concentrated across the Americas, Pan American Silver operates multiple mines in Mexico, Peru, Argentina and Bolivia, and is advancing several development and exploration projects in Chile and Ecuador.

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