M&T Bank Corp cut its stake in Service Co. International (NYSE:SCI) by 14.0% during the 1st quarter, HoldingsChannel reports. The fund owned 26,884 shares of the company’s stock after selling 4,381 shares during the period. M&T Bank Corp’s holdings in Service Co. International were worth $1,014,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of SCI. Allianz Asset Management GmbH raised its holdings in Service Co. International by 81.2% in the fourth quarter. Allianz Asset Management GmbH now owns 989,559 shares of the company’s stock valued at $36,931,000 after acquiring an additional 443,533 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Service Co. International by 147.1% in the fourth quarter. The Manufacturers Life Insurance Company now owns 678,201 shares of the company’s stock valued at $25,310,000 after acquiring an additional 403,703 shares in the last quarter. BlackRock Inc. raised its holdings in Service Co. International by 2.4% in the fourth quarter. BlackRock Inc. now owns 16,476,818 shares of the company’s stock valued at $614,914,000 after acquiring an additional 387,530 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Service Co. International by 55.6% in the fourth quarter. Renaissance Technologies LLC now owns 845,500 shares of the company’s stock valued at $31,554,000 after acquiring an additional 302,100 shares in the last quarter. Finally, RWC Asset Management LLP acquired a new stake in Service Co. International in the first quarter valued at $9,435,000. 88.28% of the stock is currently owned by hedge funds and other institutional investors.
SCI has been the topic of several recent analyst reports. Zacks Investment Research cut shares of Service Co. International from a “buy” rating to a “hold” rating in a report on Wednesday, March 21st. Credit Suisse Group upped their price target on shares of Service Co. International from $40.00 to $46.00 and gave the company an “outperform” rating in a report on Monday, February 5th. Deutsche Bank upped their price target on shares of Service Co. International from $40.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, February 15th. Bank of America upped their price target on shares of Service Co. International from $46.00 to $48.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, ValuEngine raised shares of Service Co. International from a “hold” rating to a “buy” rating in a report on Friday, April 6th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $44.20.
Shares of NYSE:SCI opened at $37.53 on Monday. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 1.71 and a beta of 0.94. Service Co. International has a 1-year low of $31.52 and a 1-year high of $40.28. The company has a debt-to-equity ratio of 2.19, a quick ratio of 0.55 and a current ratio of 0.59.
Service Co. International (NYSE:SCI) last issued its earnings results on Wednesday, April 25th. The company reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.43 by $0.04. The company had revenue of $794.50 million for the quarter, compared to analysts’ expectations of $806.09 million. Service Co. International had a net margin of 14.59% and a return on equity of 23.42%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.38 earnings per share. equities research analysts anticipate that Service Co. International will post 1.82 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.81%. Service Co. International’s dividend payout ratio (DPR) is 43.87%.
Service Co. International announced that its Board of Directors has authorized a share buyback program on Tuesday, February 13th that allows the company to buyback $298.00 million in outstanding shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
About Service Co. International
Service Corporation International provides deathcare products and services in the United States and Canada. The company operates through Funeral and Cemetery segments. Its funeral service and cemetery operations comprise funeral service locations, cemeteries, funeral service/cemetery combination locations, crematoria, and other businesses.
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