PNC Financial Services Group Inc. Raises Stake in British American Tobacco p.l.c. $BTI

PNC Financial Services Group Inc. grew its holdings in British American Tobacco p.l.c. (NYSE:BTI) by 13.8% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 105,475 shares of the company’s stock after buying an additional 12,779 shares during the period. PNC Financial Services Group Inc.’s holdings in British American Tobacco were worth $5,599,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BTI. Orbis Allan Gray Ltd increased its position in British American Tobacco by 20.7% in the 2nd quarter. Orbis Allan Gray Ltd now owns 14,503,968 shares of the company’s stock valued at $686,473,000 after acquiring an additional 2,482,737 shares during the period. Bank of America Corp DE increased its holdings in shares of British American Tobacco by 35.1% in the second quarter. Bank of America Corp DE now owns 5,355,932 shares of the company’s stock valued at $253,496,000 after purchasing an additional 1,392,799 shares during the period. Federated Hermes Inc. raised its stake in shares of British American Tobacco by 8.7% during the third quarter. Federated Hermes Inc. now owns 3,779,137 shares of the company’s stock worth $200,597,000 after purchasing an additional 303,136 shares during the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of British American Tobacco by 8.3% during the third quarter. Envestnet Asset Management Inc. now owns 3,023,917 shares of the company’s stock worth $160,510,000 after purchasing an additional 231,659 shares during the period. Finally, Raymond James Financial Inc. grew its position in British American Tobacco by 85.1% in the 2nd quarter. Raymond James Financial Inc. now owns 2,757,559 shares of the company’s stock valued at $130,515,000 after buying an additional 1,267,425 shares during the last quarter. Hedge funds and other institutional investors own 16.16% of the company’s stock.

British American Tobacco Stock Performance

BTI stock opened at $60.99 on Friday. The company has a debt-to-equity ratio of 0.66, a current ratio of 0.87 and a quick ratio of 0.57. The company’s 50-day moving average price is $58.17 and its 200 day moving average price is $56.06. British American Tobacco p.l.c. has a 52 week low of $37.31 and a 52 week high of $63.03.

British American Tobacco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, February 8th. Stockholders of record on Tuesday, December 29th will be paid a dividend of $0.8349 per share. The ex-dividend date of this dividend is Tuesday, December 29th. This represents a $3.34 annualized dividend and a dividend yield of 5.5%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on BTI shares. Morgan Stanley restated an “underweight” rating on shares of British American Tobacco in a research note on Wednesday, December 10th. Kepler Capital Markets assumed coverage on shares of British American Tobacco in a report on Friday, December 12th. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of British American Tobacco in a research report on Friday, November 28th. Citigroup reiterated a “buy” rating on shares of British American Tobacco in a research report on Friday, November 28th. Finally, Weiss Ratings raised British American Tobacco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday. Eight investment analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

British American Tobacco Company Profile

British American Tobacco plc (BTI) is a multinational tobacco manufacturer and nicotine products company headquartered in London. Founded in 1902 as a joint venture to commercialize tobacco products outside the United States, the company has grown into one of the world’s largest tobacco firms with a long history in manufacturing and global distribution of combustible tobacco products.

BAT’s core business remains the manufacture and sale of cigarettes and other tobacco products under a portfolio of well-known consumer brands, including Dunhill, Lucky Strike, Pall Mall, Kent and Rothmans.