Carnegie Capital Asset Management LLC boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 1.6% in the first quarter, HoldingsChannel.com reports. The fund owned 15,315 shares of the financial services provider’s stock after purchasing an additional 247 shares during the period. Carnegie Capital Asset Management LLC’s holdings in The PNC Financial Services Group were worth $2,825,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. BlackRock Inc. boosted its holdings in The PNC Financial Services Group by 1.6% during the 4th quarter. BlackRock Inc. now owns 29,974,459 shares of the financial services provider’s stock valued at $6,010,476,000 after acquiring an additional 486,126 shares during the period. State Street Corp boosted its holdings in The PNC Financial Services Group by 2.8% during the 4th quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock valued at $3,951,231,000 after acquiring an additional 536,564 shares during the period. Capital Research Global Investors boosted its holdings in The PNC Financial Services Group by 10.7% during the 4th quarter. Capital Research Global Investors now owns 16,957,554 shares of the financial services provider’s stock valued at $3,400,329,000 after acquiring an additional 1,639,724 shares during the period. Geode Capital Management LLC raised its position in The PNC Financial Services Group by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 6,874,797 shares of the financial services provider’s stock valued at $1,374,503,000 after purchasing an additional 139,102 shares in the last quarter. Finally, Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $809,193,000. Institutional investors own 83.54% of the company’s stock.
PNC opened at $156.61 on Thursday. The firm has a market cap of $64.77 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 2.13 and a beta of 1.24. The PNC Financial Services Group, Inc. has a 52 week low of $149.51 and a 52 week high of $228.14. The business’s 50 day moving average is $166.11 and its two-hundred day moving average is $188.04. The company has a quick ratio of 0.74, a current ratio of 0.75 and a debt-to-equity ratio of 0.54.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last released its quarterly earnings results on Thursday, April 14th. The financial services provider reported $3.29 EPS for the quarter, topping the consensus estimate of $2.78 by $0.51. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.72 billion. The PNC Financial Services Group had a return on equity of 12.43% and a net margin of 26.14%. The firm’s revenue was up 11.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.10 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc. will post 14.19 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, May 5th. Shareholders of record on Wednesday, April 13th were given a dividend of $1.50 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.25. The ex-dividend date was Tuesday, April 12th. This represents a $6.00 annualized dividend and a yield of 3.83%. The PNC Financial Services Group’s payout ratio is 50.76%.
In related news, Director Robert A. Niblock bought 2,000 shares of the stock in a transaction on Friday, May 6th. The shares were bought at an average cost of $167.07 per share, for a total transaction of $334,140.00. Following the purchase, the director now owns 6,063 shares of the company’s stock, valued at approximately $1,012,945.41. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Guild Deborah sold 1,257 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 3rd. The shares were sold at an average price of $170.56, for a total value of $214,393.92. Following the completion of the transaction, the executive vice president now owns 23,360 shares in the company, valued at $3,984,281.60. The disclosure for this sale can be found here. Insiders own 0.34% of the company’s stock.
PNC has been the topic of a number of analyst reports. Argus reduced their price target on The PNC Financial Services Group from $245.00 to $220.00 in a research report on Monday, April 18th. Piper Sandler reduced their price target on The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating on the stock in a research report on Friday, April 1st. Raymond James reduced their price target on The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating on the stock in a research report on Monday, April 18th. StockNews.com initiated coverage on The PNC Financial Services Group in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Finally, Morgan Stanley reduced their price target on The PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating on the stock in a research report on Monday, March 28th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $215.29.
The PNC Financial Services Group Profile (Get Rating)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
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Source: defenseworld.net