Border to Coast Pensions Partnership Ltd boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 24.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 115,303 shares of the financial services provider’s stock after purchasing an additional 22,600 shares during the period. Border to Coast Pensions Partnership Ltd’s holdings in The PNC Financial Services Group were worth $17,855,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in PNC. Norges Bank bought a new position in The PNC Financial Services Group in the 4th quarter worth about $735,469,000. Moneta Group Investment Advisors LLC grew its stake in The PNC Financial Services Group by 122,771.6% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock worth $401,323,000 after acquiring an additional 2,538,916 shares in the last quarter. Morgan Stanley grew its stake in The PNC Financial Services Group by 28.7% in the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock worth $740,101,000 after acquiring an additional 1,045,055 shares in the last quarter. FMR LLC grew its stake in The PNC Financial Services Group by 6.7% in the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after acquiring an additional 893,808 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in The PNC Financial Services Group by 7.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock worth $2,064,357,000 after acquiring an additional 860,489 shares in the last quarter. 80.14% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have commented on PNC. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 30th. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research report on Wednesday, January 3rd. Odeon Capital Group raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price target for the company in a research report on Thursday, December 14th. UBS Group upped their price target on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $138.00 price target on shares of The PNC Financial Services Group in a research report on Tuesday, December 5th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $146.59.
Get Our Latest Research Report on PNC
Insider Transactions at The PNC Financial Services Group
In other news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $148.82, for a total value of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.39% of the company’s stock.
The PNC Financial Services Group Stock Performance
Shares of NYSE PNC traded down $2.30 during midday trading on Friday, reaching $155.51. The company had a trading volume of 1,595,527 shares, compared to its average volume of 2,434,143. The business’s 50-day simple moving average is $149.49 and its 200 day simple moving average is $137.30. The stock has a market cap of $61.86 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.83 and a beta of 1.17. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $158.80. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The business had revenue of $5.36 billion during the quarter, compared to analysts’ expectations of $5.30 billion. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter last year, the company posted $3.49 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 12.33 earnings per share for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were paid a $1.55 dividend. The ex-dividend date of this dividend was Friday, January 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.99%. The PNC Financial Services Group’s payout ratio is currently 48.48%.
About The PNC Financial Services Group
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 time 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.
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