Shell Asset Management Co. lessened its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 21.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 24,948 shares of the financial services provider’s stock after selling 6,823 shares during the period. Shell Asset Management Co.’s holdings in The PNC Financial Services Group were worth $3,728,000 at the end of the most recent reporting period.
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A number of other large investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in The PNC Financial Services Group by 21.5% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 13,413,715 shares of the financial services provider’s stock valued at $2,116,282,000 after buying an additional 2,373,814 shares during the period. Northern Trust Corp increased its stake in The PNC Financial Services Group by 2.3% during the 2nd quarter. Northern Trust Corp now owns 4,951,908 shares of the financial services provider’s stock valued at $781,263,000 after buying an additional 110,218 shares during the period. Wells Fargo & Company MN increased its stake in The PNC Financial Services Group by 10.3% during the 2nd quarter. Wells Fargo & Company MN now owns 2,280,454 shares of the financial services provider’s stock valued at $359,788,000 after buying an additional 212,606 shares during the period. Charles Schwab Investment Management Inc. increased its stake in The PNC Financial Services Group by 2.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,124,027 shares of the financial services provider’s stock valued at $391,778,000 after buying an additional 51,860 shares during the period. Finally, Deutsche Bank AG increased its stake in The PNC Financial Services Group by 22.9% during the 2nd quarter. Deutsche Bank AG now owns 2,089,735 shares of the financial services provider’s stock valued at $329,698,000 after buying an additional 389,958 shares during the period. Institutional investors and hedge funds own 82.05% of the company’s stock.
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, CEO William S. Demchak acquired 6,550 shares of the business’s stock in a transaction that occurred on Friday, January 20th. The shares were purchased at an average price of $153.38 per share, with a total value of $1,004,639.00. Following the completion of the transaction, the chief executive officer now owns 482,924 shares in the company, valued at $74,070,883.12. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts have commented on PNC shares. Compass Point lowered their target price on shares of The PNC Financial Services Group to $160.00 in a research note on Thursday, October 20th. Morgan Stanley reduced their price objective on shares of The PNC Financial Services Group from $178.00 to $163.00 and set an “underweight” rating for the company in a research report on Thursday, January 19th. Odeon Capital Group upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $176.27 price objective for the company in a research report on Tuesday, January 10th. Citigroup raised their price objective on shares of The PNC Financial Services Group to $180.00 in a research report on Friday, December 2nd. Finally, Robert W. Baird reduced their price objective on shares of The PNC Financial Services Group from $210.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, January 19th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $180.62.
The PNC Financial Services Group Price Performance
Shares of PNC opened at $157.68 on Friday. The firm has a market cap of $63.60 billion, a PE ratio of 11.41, a PEG ratio of 2.35 and a beta of 1.14. The firm’s 50 day moving average price is $159.00 and its 200 day moving average price is $160.07. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.79 and a current ratio of 0.79. The PNC Financial Services Group, Inc. has a twelve month low of $143.52 and a twelve month high of $205.74.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last issued its quarterly earnings data on Wednesday, January 18th. The financial services provider reported $3.49 earnings per share for the quarter, missing the consensus estimate of $3.95 by ($0.46). The business had revenue of $5.76 billion for the quarter, compared to the consensus estimate of $5.71 billion. The PNC Financial Services Group had a net margin of 25.73% and a return on equity of 12.88%. The PNC Financial Services Group’s revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.86 EPS. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 14.75 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, February 5th. Investors of record on Tuesday, January 17th were given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 3.81%. The ex-dividend date was Friday, January 13th. The PNC Financial Services Group’s payout ratio is presently 43.26%.
The PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.
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