PNC Financial Services Group Inc. Has $415,000 Stake in Parsons Corporation (NYSE:PSN)

PNC Financial Services Group Inc. grew its stake in shares of Parsons Corporation (NYSE:PSN) by 19.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,007 shares of the company’s stock after purchasing an additional 1,131 shares during the period. PNC Financial Services Group Inc.’s holdings in Parsons were worth $415,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc acquired a new position in shares of Parsons during the first quarter valued at about $27,000. Quarry LP acquired a new stake in shares of Parsons in the 4th quarter worth about $30,000. UMB Bank n.a. raised its holdings in shares of Parsons by 238.7% in the 1st quarter. UMB Bank n.a. now owns 552 shares of the company’s stock worth $33,000 after acquiring an additional 389 shares during the last quarter. Fifth Third Bancorp raised its holdings in shares of Parsons by 1,803.4% in the 1st quarter. Fifth Third Bancorp now owns 552 shares of the company’s stock worth $33,000 after acquiring an additional 523 shares during the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Parsons by 63.1% in the 1st quarter. Signaturefd LLC now owns 610 shares of the company’s stock worth $36,000 after acquiring an additional 236 shares during the last quarter. Institutional investors and hedge funds own 98.02% of the company’s stock.

Parsons Stock Down 2.6%

PSN opened at $79.76 on Friday. The company has a 50 day moving average of $73.52 and a 200 day moving average of $68.05. The company has a market cap of $8.52 billion, a PE ratio of 35.61, a price-to-earnings-growth ratio of 5.02 and a beta of 0.58. Parsons Corporation has a 12 month low of $54.56 and a 12 month high of $114.68. The company has a current ratio of 1.61, a quick ratio of 1.61 and a debt-to-equity ratio of 0.47.

Parsons (NYSE:PSN) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. Parsons had a net margin of 3.70% and a return on equity of 12.36%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.60 billion. During the same period last year, the firm earned $0.84 EPS. Parsons’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, sell-side analysts expect that Parsons Corporation will post 3.58 EPS for the current year.

Analyst Upgrades and Downgrades

PSN has been the topic of a number of analyst reports. Baird R W upgraded shares of Parsons from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 7th. Truist Financial upped their target price on shares of Parsons from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Thursday, July 24th. KeyCorp reaffirmed an “overweight” rating and issued a $84.00 price objective (up from $82.00) on shares of Parsons in a research report on Thursday, August 7th. Jefferies Financial Group upped their price objective on shares of Parsons from $70.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, July 2nd. Finally, Raymond James Financial raised shares of Parsons from a “market perform” rating to a “strong-buy” rating and set a $90.00 price objective for the company in a research report on Tuesday, July 8th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $88.70.

Parsons Profile

Parsons Corporation provides integrated solutions and services in the defense, intelligence, and critical infrastructure markets in North America, the Middle East, and internationally. The company operates through Federal Solutions and Critical Infrastructure segments. The Federal Solutions segment provides critical technologies, such as cybersecurity; missile defense; intelligence; space launch and ground systems; space and weapon system resiliency; geospatial intelligence; signals intelligence; environmental remediation; border security, critical infrastructure protection; counter unmanned air systems; biometrics and bio surveillance solutions to U.S.