PNC Financial Services Group Inc. Grows Position in Flowers Foods, Inc. (FLO)
PNC Financial Services Group Inc. lifted its position in Flowers Foods, Inc. (NYSE:FLO) by 1.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 66,543 shares of the company’s stock after acquiring an additional 753 shares during the period. PNC Financial Services Group Inc.’s holdings in Flowers Foods were worth $1,152,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FLO. UBS Asset Management Americas Inc. increased its position in shares of Flowers Foods by 13.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 150,234 shares of the company’s stock valued at $2,916,000 after acquiring an additional 17,423 shares during the period. Karp Capital Management Corp acquired a new position in shares of Flowers Foods in the 1st quarter valued at $745,000. Ameriprise Financial Inc. increased its position in shares of Flowers Foods by 2.6% in the 1st quarter. Ameriprise Financial Inc. now owns 501,370 shares of the company’s stock valued at $9,731,000 after acquiring an additional 12,875 shares during the period. Prudential Financial Inc. increased its position in shares of Flowers Foods by 186.5% in the 1st quarter. Prudential Financial Inc. now owns 302,816 shares of the company’s stock valued at $5,878,000 after acquiring an additional 197,120 shares during the period. Finally, Stifel Financial Corp increased its position in shares of Flowers Foods by 81.4% in the 1st quarter. Stifel Financial Corp now owns 22,094 shares of the company’s stock valued at $429,000 after acquiring an additional 9,912 shares during the period. 64.66% of the stock is currently owned by hedge funds and other institutional investors.
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Several equities research analysts have commented on FLO shares. Zacks Investment Research lowered shares of Flowers Foods from a “hold” rating to a “sell” rating in a report on Friday, August 11th. BidaskClub raised shares of Flowers Foods from a “hold” rating to a “buy” rating in a report on Wednesday, August 9th. Jefferies Group LLC lowered shares of Flowers Foods from a “buy” rating to a “hold” rating and lowered their price target for the company from $23.00 to $19.00 in a report on Friday, July 28th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $19.00 price target on shares of Flowers Foods in a report on Thursday, July 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $19.67.
Shares of Flowers Foods, Inc. (NYSE:FLO) opened at 18.75 on Friday. The firm has a 50-day moving average of $18.09 and a 200 day moving average of $18.37. Flowers Foods, Inc. has a 12-month low of $14.74 and a 12-month high of $21.00. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 24.70 and a beta of 1.01.
Flowers Foods (NYSE:FLO) last issued its quarterly earnings results on Wednesday, August 9th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. Flowers Foods had a net margin of 4.06% and a return on equity of 14.79%. The business had revenue of $926.64 million for the quarter, compared to analyst estimates of $931.26 million. During the same period in the previous year, the business posted $0.26 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. Equities analysts forecast that Flowers Foods, Inc. will post $0.85 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Friday, September 1st were paid a dividend of $0.17 per share. The ex-dividend date was Wednesday, August 30th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 3.63%. Flowers Foods’s dividend payout ratio (DPR) is 90.67%.
In other news, Chairman Amos R. Mcmullian purchased 20,000 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were acquired at an average cost of $17.91 per share, for a total transaction of $358,200.00. Following the completion of the purchase, the chairman now directly owns 3,643,717 shares in the company, valued at approximately $65,258,971.47. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert L. Benton, Jr. sold 18,500 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $18.83, for a total transaction of $348,355.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 98,735 shares of company stock worth $1,818,921. Company insiders own 15.81% of the company’s stock.
Flowers Foods Profile
Flowers Foods, Inc is a producer and marketer of packaged bakery products. The Company operates in two segments: direct-store-delivery segment (DSD Segment) and warehouse delivery segment (Warehouse Segment). The DSD segment produces fresh breads, buns, rolls, tortillas and snack cakes sold primarily by a network of independent distributors to retail and foodservice customers in the areas of the United States: East, South, Southwest, California, and select markets in the Midwest, Pacific Northwest, Nevada, and Colorado.
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