Raymond James & Associates reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 3.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,418,820 shares of the financial services provider’s stock after selling 48,211 shares during the period. Raymond James & Associates owned approximately 0.36% of The PNC Financial Services Group worth $219,704,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its position in The PNC Financial Services Group by 1.0% during the second quarter. State Street Corp now owns 17,127,040 shares of the financial services provider’s stock worth $2,157,151,000 after purchasing an additional 170,387 shares during the last quarter. FMR LLC increased its position in The PNC Financial Services Group by 6.7% during the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after purchasing an additional 893,808 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in The PNC Financial Services Group by 7.0% during the fourth 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 purchasing an additional 860,489 shares during the last quarter. Geode Capital Management LLC increased its position in The PNC Financial Services Group by 2.4% during the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock worth $915,146,000 after purchasing an additional 171,876 shares during the last quarter. Finally, Invesco Ltd. increased its position in The PNC Financial Services Group by 10.4% during the third quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after purchasing an additional 484,475 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently issued reports on PNC shares. Stephens restated an “equal weight” rating and set a $138.00 price objective on shares of The PNC Financial Services Group in a research report on Tuesday, December 5th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research report on Wednesday, January 3rd. The Goldman Sachs Group lifted their price target on shares of The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research report on Tuesday, December 19th. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. Finally, Odeon Capital Group upgraded 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. Four 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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 PNC Financial Services Group 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 transaction, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.42% of the company’s stock.
The PNC Financial Services Group Trading Down 1.5 %
NYSE PNC opened at $155.51 on Monday. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $158.80. The firm has a 50 day simple moving average of $149.49 and a 200-day simple moving average of $137.55. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.84. The firm has a market cap of $61.86 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.80 and a beta of 1.17.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings data on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share for the quarter, topping the consensus estimate of $2.12 by $1.04. The business had revenue of $5.36 billion during the quarter, compared to the consensus estimate 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 company’s revenue was down 7.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.49 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.33 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were given a dividend of $1.55 per share. The ex-dividend date was Friday, January 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.99%. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.
The PNC Financial Services Group 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 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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Source: defenseworld.net
