PNC Financial Services Group Inc. Grows Position in B&G Foods, Inc. $BGS

PNC Financial Services Group Inc. boosted its stake in B&G Foods, Inc. (NYSE:BGS) by 112.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,798 shares of the company’s stock after purchasing an additional 8,885 shares during the quarter. PNC Financial Services Group Inc.’s holdings in B&G Foods were worth $115,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of BGS. Signaturefd LLC grew its holdings in B&G Foods by 930.2% in the first quarter. Signaturefd LLC now owns 6,748 shares of the company’s stock valued at $46,000 after purchasing an additional 6,093 shares during the period. CWM LLC grew its holdings in B&G Foods by 61.2% in the first quarter. CWM LLC now owns 7,518 shares of the company’s stock valued at $52,000 after purchasing an additional 2,855 shares during the period. Sigma Planning Corp purchased a new stake in B&G Foods in the first quarter valued at approximately $69,000. Teacher Retirement System of Texas purchased a new stake in B&G Foods in the first quarter valued at approximately $80,000. Finally, Quarry LP grew its holdings in B&G Foods by 45,526.9% in the fourth quarter. Quarry LP now owns 11,863 shares of the company’s stock valued at $82,000 after purchasing an additional 11,837 shares during the period. 66.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BGS has been the subject of a number of recent analyst reports. Barclays lowered their target price on shares of B&G Foods from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Tuesday, July 15th. Piper Sandler decreased their price objective on shares of B&G Foods from $7.00 to $5.00 and set a “neutral” rating for the company in a research note on Thursday, May 8th. Finally, Royal Bank Of Canada decreased their price objective on shares of B&G Foods from $6.00 to $5.00 and set a “sector perform” rating for the company in a research note on Tuesday, August 5th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average target price of $6.10.

B&G Foods Trading Up 3.9%

NYSE BGS opened at $4.4150 on Wednesday. The company’s fifty day simple moving average is $4.29 and its 200-day simple moving average is $5.41. B&G Foods, Inc. has a 52 week low of $3.67 and a 52 week high of $9.44. The company has a current ratio of 2.93, a quick ratio of 0.89 and a debt-to-equity ratio of 3.96. The stock has a market cap of $353.20 million, a P/E ratio of -1.56 and a beta of 0.48.

B&G Foods (NYSE:BGS) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.03). The company had revenue of $424.43 million during the quarter, compared to analyst estimates of $427.80 million. B&G Foods had a negative net margin of 12.02% and a positive return on equity of 7.16%. The company’s revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.08 earnings per share. B&G Foods has set its FY 2025 guidance at 0.500-0.600 EPS. Equities research analysts predict that B&G Foods, Inc. will post 0.7 EPS for the current fiscal year.

B&G Foods Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Investors of record on Tuesday, September 30th will be issued a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $0.76 annualized dividend and a yield of 17.2%. B&G Foods’s dividend payout ratio is currently -26.86%.

About B&G Foods

B&G Foods, Inc is a holding company, which engages in the manufacture, sale, and distribution of shelf-stable frozen food, and household products in the U.S., Canada, and Puerto Rico. It operates through the following segments: Specialty, Meals, Frozen & Vegetables, and Spices & Flavor Solutions.