Strs Ohio Boosts Stake in UPS with 46,015 Shares Acquisition

Strs Ohio has increased its holdings in United Parcel Service, Inc. (NYSE: UPS) by 13.8%, acquiring an additional 46,015 shares in the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the institutional investor now owns a total of 379,114 shares valued at approximately $38.27 million.

Several other institutional investors also expanded their positions in UPS during the same period. For instance, Cornerstone Wealth Group LLC raised its stake by 3.9%, now holding 2,557 shares worth about $258,000. Similarly, Bangor Savings Bank increased its position by 1.9%, bringing its total to 5,413 shares valued at $546,000. Other firms, including First Dallas Securities Inc. and Fortis Capital Advisors LLC, also reported modest increases in their investments, underscoring a broader institutional interest in UPS.

Market Performance and Dividend Announcement

As of Friday, September 29, 2023, shares of UPS opened at $95.03. The company has experienced a fifty-two week range with a low of $82.00 and a high of $138.67. Currently, UPS enjoys a market capitalization of $80.55 billion and a price-to-earnings ratio of 14.69.

In addition to the stock performance, UPS has recently declared a quarterly dividend of $1.64 per share, which was paid on September 4, 2023. This dividend, which reflects an annualized yield of 6.9%, has a payout ratio of 101.39%, indicating a commitment to returning value to shareholders.

Analyst Ratings and Future Outlook

Market analysts have varied opinions on UPS’s future performance. JPMorgan Chase & Co. recently adjusted its price target from $85.00 to $97.00 while maintaining a “neutral” rating. In contrast, Barclays downgraded its target from $90.00 to $80.00, indicating an “underweight” stance on the stock. Other analysts, including Wells Fargo & Company and Deutsche Bank Aktiengesellschaft, have also issued mixed ratings, resulting in an average rating of “Hold” and a consensus target price of $110.00.

Insider trading activity also reflects a positive outlook. Christiana Smith Shi, a director at UPS, purchased 500 shares at an average price of $88.17 per share on August 22, 2023. This transaction, valued at $44,085, indicates confidence in the company’s future, albeit insiders hold only 0.13% of the total shares.

UPS provides a range of services, including package delivery, logistics, and customs brokerage, operating primarily through its U.S. Domestic and International Package segments. The ongoing institutional investment and recent market activities suggest a strong interest in the company’s performance as it navigates current economic conditions.

For those interested in learning more about UPS’s financial health and analyst insights, resources such as MarketBeat.com provide regular updates and detailed reports.