NuWave Investment Management LLC lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 80.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 420 shares of the financial services provider’s stock after selling 1,764 shares during the quarter. NuWave Investment Management LLC’s holdings in The PNC Financial Services Group were worth $77,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. grew its holdings in The PNC Financial Services Group by 1.6% in the 4th quarter. BlackRock Inc. now owns 29,974,459 shares of the financial services provider’s stock worth $6,010,476,000 after acquiring an additional 486,126 shares during the last quarter. State Street Corp grew its stake in shares of The PNC Financial Services Group by 2.8% in the fourth quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock worth $3,951,231,000 after purchasing an additional 536,564 shares during the last quarter. Capital Research Global Investors increased 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 purchasing 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% during 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 during the last quarter. Finally, Norges Bank purchased a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $809,193,000. 83.54% of the stock is currently owned by institutional investors.
In other news, Director Robert A. Niblock acquired 2,000 shares of the firm’s stock in a transaction dated Friday, May 6th. The shares were purchased at an average cost of $167.07 per share, for a total transaction of $334,140.00. Following the transaction, the director now directly owns 6,063 shares of the company’s stock, valued at $1,012,945.41. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Guild Deborah sold 1,257 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 3rd. The shares were sold at an average price of $170.56, for a total transaction of $214,393.92. Following the transaction, the executive vice president now owns 23,360 shares in the company, valued at approximately $3,984,281.60. The disclosure for this sale can be found here. 0.34% of the stock is currently owned by insiders.
A number of brokerages recently commented on PNC. Raymond James dropped their price target on The PNC Financial Services Group from $215.00 to $210.00 and set an “outperform” rating for the company in a research note on Monday, April 18th. Wolfe Research cut their target price on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research note on Thursday, May 26th. Morgan Stanley reduced their price target on shares of 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. Piper Sandler lowered their price objective on shares of The PNC Financial Services Group from $215.00 to $201.00 and set a “neutral” rating for the company in a report on Friday, April 1st. Finally, Argus reduced their target price on The PNC Financial Services Group from $245.00 to $220.00 in a report on Monday, April 18th. 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 company presently has a consensus rating of “Hold” and a consensus target price of $215.29.
Shares of NYSE:PNC opened at $155.80 on Friday. 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 stock has a market capitalization of $64.44 billion, a PE ratio of 13.18, a price-to-earnings-growth ratio of 2.16 and a beta of 1.24. The firm’s 50 day moving average price is $165.72 and its 200-day moving average price is $187.74. The PNC Financial Services Group, Inc. has a twelve month low of $149.51 and a twelve month high of $228.14.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last announced its earnings results on Thursday, April 14th. The financial services provider reported $3.29 EPS for the quarter, beating analysts’ consensus estimates of $2.78 by $0.51. The business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.72 billion. The PNC Financial Services Group had a net margin of 26.14% and a return on equity of 12.43%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same period in the prior year, the company earned $4.10 earnings per share. Analysts expect that The PNC Financial Services Group, Inc. will post 14.19 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, May 5th. Investors of record on Wednesday, April 13th were issued a $1.50 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.25. This represents a $6.00 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date was Tuesday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 50.76%.
About The PNC Financial Services Group (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