Fmr LLC lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 5.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,401,954 shares of the financial services provider’s stock after acquiring an additional 623,952 shares during the period. Fmr LLC owned approximately 2.86% of The PNC Financial Services Group worth $1,449,188,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Centerpoint Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the first quarter worth $26,000. Elequin Securities LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth $28,000. AXS Investments LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth $36,000. Ruedi Wealth Management Inc. acquired a new position in The PNC Financial Services Group during the fourth quarter worth $37,000. Finally, Venturi Wealth Management LLC acquired a new position in The PNC Financial Services Group during the first quarter worth $38,000. Institutional investors own 79.27% of the company’s stock.
The PNC Financial Services Group Stock Performance
NYSE:PNC traded up $0.92 during mid-day trading on Friday, reaching $118.59. 412,341 shares of the company’s stock were exchanged, compared to its average volume of 3,177,483. The PNC Financial Services Group, Inc. has a one year low of $110.31 and a one year high of $170.27. The firm has a market capitalization of $47.23 billion, a PE ratio of 8.09, a price-to-earnings-growth ratio of 1.09 and a beta of 1.13. The business’s fifty day simple moving average is $127.90 and its two-hundred day simple moving average is $130.21. The company has a debt-to-equity ratio of 1.33, a quick ratio of 0.82 and a current ratio of 0.82.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $3.36 EPS for the quarter, topping analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The business had revenue of $5.29 billion for the quarter, compared to analyst estimates of $5.45 billion. During the same period last year, the firm earned $3.42 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc. will post 13.5 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Shareholders of record on Monday, July 17th were issued a $1.55 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a yield of 5.23%. The ex-dividend date was Friday, July 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.49%.
Insider Buying and Selling at The PNC Financial Services Group
In other news, Director Bryan Scott Salesky bought 400 shares of the firm’s stock in a transaction on Wednesday, June 7th. The shares were purchased at an average cost of $127.10 per share, with a total value of $50,840.00. Following the acquisition, the director now directly owns 410 shares in the company, valued at $52,111. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.39% of the company’s stock.
Analysts Set New Price Targets
PNC has been the subject of several recent research reports. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a report on Wednesday, July 19th. StockNews.com started coverage on shares of The PNC Financial Services Group in a research note on Thursday, August 17th. They issued a “sell” rating for the company. Wells Fargo & Company cut their price target on shares of The PNC Financial Services Group from $186.00 to $176.00 in a research note on Wednesday, July 19th. Credit Suisse Group cut their price target on shares of The PNC Financial Services Group from $145.00 to $135.00 in a research note on Wednesday, July 19th. Finally, Citigroup cut their price target on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Four analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $161.65.
Check Out Our Latest Stock Analysis on The PNC Financial Services Group
The PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
Further Reading
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