Raymond James & Associates lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 3.3% during the fourth quarter, according to the company in its most recent disclosure 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 about 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 also recently modified their holdings of the company. BKM Wealth Management LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth approximately $26,000. Fortitude Family Office LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $28,000. OFI Invest Asset Management purchased a new position in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Tyler Stone Wealth Management acquired a new position in The PNC Financial Services Group during the second quarter valued at approximately $29,000. Finally, Cornerstone Planning Group LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $30,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Stock Down 0.3 %
PNC traded down $0.50 during midday trading on Monday, reaching $155.01. 1,136,647 shares of the company were exchanged, compared to its average volume of 2,273,369. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $158.80. 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 company has a market cap of $61.66 billion, a price-to-earnings ratio of 12.12, a price-to-earnings-growth ratio of 1.80 and a beta of 1.17. The company’s fifty day moving average price is $149.49 and its 200 day moving average price is $137.55.
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 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion for 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 PNC Financial Services Group’s revenue was down 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.49 EPS. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 12.33 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Tuesday, January 16th were paid a $1.55 dividend. The ex-dividend date was Friday, January 12th. This represents a $6.20 dividend on an annualized basis and a yield of 4.00%. The PNC Financial Services Group’s dividend payout ratio is presently 48.48%.
Analyst Ratings Changes
PNC has been the subject of several research analyst reports. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $125.00 to $145.00 and gave the company an “underperform” rating in a research note on Wednesday, January 3rd. Morgan Stanley increased their target price on The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 30th. The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $128.00 to $147.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 19th. Stephens restated an “equal weight” rating and issued a $138.00 price objective on shares of The PNC Financial Services Group in a report on Tuesday, December 5th. Finally, Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 target price on the stock in a report on Thursday, December 14th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $146.59.
Read Our Latest Research Report on The PNC Financial Services Group
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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