Truist Financial Corp Grows Holdings in Ferrari (NYSE:RACE)

Truist Financial Corp grew its holdings in shares of Ferrari (NYSE:RACE) by 11.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,970 shares of the company’s stock after buying an additional 1,432 shares during the quarter. Truist Financial Corp’s holdings in Ferrari were worth $4,728,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Commonwealth Equity Services LLC lifted its stake in Ferrari by 2.1% during the third quarter. Commonwealth Equity Services LLC now owns 3,246 shares of the company’s stock worth $960,000 after purchasing an additional 68 shares during the last quarter. SVB Wealth LLC lifted its stake in Ferrari by 63.0% during the third quarter. SVB Wealth LLC now owns 1,053 shares of the company’s stock worth $311,000 after purchasing an additional 407 shares during the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in Ferrari by 16.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 3,649 shares of the company’s stock worth $1,078,000 after purchasing an additional 503 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in Ferrari by 72.0% during the third quarter. Pinnacle Associates Ltd. now owns 1,087 shares of the company’s stock worth $321,000 after purchasing an additional 455 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Ferrari by 5.6% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 5,609 shares of the company’s stock worth $1,658,000 after purchasing an additional 298 shares during the last quarter.

Wall Street Analysts Forecast Growth

RACE has been the topic of several research analyst reports. Bank of America raised their price objective on Ferrari from $458.00 to $512.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $400.00 target price on shares of Ferrari in a research report on Monday, April 22nd. Sanford C. Bernstein increased their target price on Ferrari from $448.00 to $512.00 and gave the stock an “outperform” rating in a research report on Thursday, April 18th. UBS Group increased their target price on Ferrari from $413.00 to $448.00 and gave the stock a “buy” rating in a research report on Friday, February 2nd. Finally, Evercore ISI increased their target price on Ferrari from $430.00 to $465.00 and gave the stock an “outperform” rating in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ferrari has a consensus rating of “Hold” and a consensus target price of $413.86.

Ferrari Stock Up 1.3 %

Shares of RACE opened at $430.29 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 3.91 and a quick ratio of 2.98. Ferrari has a one year low of $283.20 and a one year high of $442.80. The stock’s fifty day moving average is $422.25 and its 200-day moving average is $375.90.

Ferrari (NYSE:RACE) last issued its quarterly earnings results on Thursday, February 1st. The company reported $1.74 EPS for the quarter, beating analysts’ consensus estimates of $1.59 by $0.15. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.61 billion. Ferrari had a return on equity of 43.84% and a net margin of 21.06%. Analysts forecast that Ferrari will post 8.31 EPS for the current year.

Ferrari Dividend Announcement

The company also recently announced an annual dividend, which was paid on Friday, May 3rd. Investors of record on Tuesday, April 23rd were paid a dividend of $2.443 per share. The ex-dividend date was Monday, April 22nd. This represents a yield of 0.62%.

Ferrari Company Profile

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. The company offers range, special series, Icona, and supercars; limited edition supercars and one-off cars; and track cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods.