Elbit Systems Ltd. $ESLT Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its holdings in shares of Elbit Systems Ltd. (NASDAQ:ESLT) by 11.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,087 shares of the aerospace company’s stock after selling 658 shares during the period. PNC Financial Services Group Inc.’s holdings in Elbit Systems were worth $2,286,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ESLT. Activest Wealth Management acquired a new stake in shares of Elbit Systems in the 2nd quarter worth $28,000. Larson Financial Group LLC purchased a new stake in Elbit Systems in the first quarter valued at about $29,000. Montag A & Associates Inc. acquired a new stake in Elbit Systems in the second quarter worth about $68,000. SVB Wealth LLC purchased a new stake in shares of Elbit Systems during the first quarter worth about $77,000. Finally, SBI Securities Co. Ltd. increased its holdings in shares of Elbit Systems by 20.9% during the second quarter. SBI Securities Co. Ltd. now owns 185 shares of the aerospace company’s stock valued at $83,000 after acquiring an additional 32 shares in the last quarter. Hedge funds and other institutional investors own 17.88% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on ESLT. Zacks Research cut shares of Elbit Systems from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Bank of America raised their price target on shares of Elbit Systems from $500.00 to $540.00 and gave the stock a “buy” rating in a report on Tuesday, August 26th. JPMorgan Chase & Co. started coverage on shares of Elbit Systems in a report on Tuesday, September 30th. They set a “neutral” rating and a $520.00 price objective on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Elbit Systems in a research report on Wednesday, October 8th. Finally, Wall Street Zen upgraded Elbit Systems from a “hold” rating to a “buy” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Elbit Systems presently has a consensus rating of “Hold” and an average price target of $530.00.

Elbit Systems Stock Performance

Shares of NASDAQ ESLT opened at $504.05 on Wednesday. The company has a 50 day simple moving average of $493.26 and a two-hundred day simple moving average of $458.33. The stock has a market cap of $22.41 billion, a price-to-earnings ratio of 57.21, a PEG ratio of 1.74 and a beta of 0.30. The company has a current ratio of 1.29, a quick ratio of 0.77 and a debt-to-equity ratio of 0.06. Elbit Systems Ltd. has a 12 month low of $241.65 and a 12 month high of $529.99.

Elbit Systems Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, January 5th. Shareholders of record on Monday, December 22nd will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend is Monday, December 22nd. Elbit Systems’s dividend payout ratio (DPR) is currently 28.26%.

Elbit Systems Company Profile

Elbit Systems Ltd. develops and supplies a portfolio of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications primarily in Israel. The company operates through Aerospace, C4I and Cyber, ISTAR and EW, Land, and Elbit Systems of America segments.