PNC Financial Services Group Inc. cut its holdings in shares of S&P Global Inc (NYSE:SPGI) by 12.6% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,004,853 shares of the business services provider’s stock after selling 144,255 shares during the quarter. PNC Financial Services Group Inc. owned 0.42% of S&P Global worth $331,078,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. NuWave Investment Management LLC acquired a new stake in S&P Global during the 2nd quarter worth approximately $31,000. Beese Fulmer Investment Management Inc. acquired a new stake in shares of S&P Global in the 2nd quarter valued at $43,000. Enterprise Financial Services Corp raised its holdings in shares of S&P Global by 51.2% in the 1st quarter. Enterprise Financial Services Corp now owns 195 shares of the business services provider’s stock valued at $48,000 after purchasing an additional 66 shares in the last quarter. Front Row Advisors LLC acquired a new stake in shares of S&P Global in the 1st quarter valued at $50,000. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of S&P Global in the 1st quarter valued at $51,000. Institutional investors own 82.99% of the company’s stock.
A number of equities research analysts have recently weighed in on the stock. Morgan Stanley raised their price objective on shares of S&P Global from $361.00 to $383.00 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Barclays raised their price objective on shares of S&P Global from $260.00 to $365.00 and gave the company an “overweight” rating in a report on Wednesday, June 3rd. Jefferies Financial Group raised their price objective on shares of S&P Global from $339.00 to $400.00 and gave the company a “buy” rating in a report on Wednesday, July 29th. Credit Suisse Group assumed coverage on shares of S&P Global in a report on Friday, May 29th. They issued an “outperform” rating and a $345.00 price objective on the stock. Finally, BMO Capital Markets lifted their price target on shares of S&P Global from $375.00 to $390.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 2nd. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $353.54.
S&P Global (NYSE:SPGI) last issued its quarterly earnings data on Tuesday, July 28th. The business services provider reported $3.40 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.76 by $0.64. S&P Global had a net margin of 36.19% and a return on equity of 1,072.73%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same period last year, the firm posted $2.43 EPS. S&P Global’s revenue for the quarter was up 14.0% on a year-over-year basis. On average, equities research analysts forecast that S&P Global Inc will post 10.99 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Wednesday, August 26th were given a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 0.75%. The ex-dividend date was Tuesday, August 25th. S&P Global’s payout ratio is currently 28.12%.
In other news, EVP Courtney Geduldig sold 932 shares of S&P Global stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $355.00, for a total value of $330,860.00. Following the sale, the executive vice president now owns 10,040 shares of the company’s stock, valued at $3,564,200. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Douglas L. Peterson sold 30,000 shares of S&P Global stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $351.44, for a total transaction of $10,543,200.00. Following the completion of the sale, the chief executive officer now directly owns 173,293 shares in the company, valued at approximately $60,902,091.92. The disclosure for this sale can be found here. Insiders have sold a total of 43,710 shares of company stock worth $15,363,454 over the last three months. 0.20% of the stock is currently owned by insiders.
About S&P Global
S&P Global Inc, together with its subsidiaries, provides ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. The company operates through four segments: S&P Global Ratings (Ratings), S&P Global Market Intelligence (Market Intelligence), S&P Global Platts (Platts), and S&P Dow Jones Indices (Indices).
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