DAVENPORT & Co LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 3.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,413 shares of the financial services provider’s stock after selling 1,169 shares during the period. DAVENPORT & Co LLC’s holdings in The PNC Financial Services Group were worth $4,864,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in PNC. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth $735,469,000. Moneta Group Investment Advisors LLC lifted its position in shares of The PNC Financial Services Group by 122,771.6% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock worth $401,323,000 after purchasing an additional 2,538,916 shares in the last quarter. Morgan Stanley raised its holdings in The PNC Financial Services Group by 28.7% in the fourth quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock valued at $740,101,000 after acquiring an additional 1,045,055 shares in the last quarter. FMR LLC raised its holdings in The PNC Financial Services Group by 6.7% in the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after acquiring an additional 893,808 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in The PNC Financial Services Group by 7.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock valued at $2,064,357,000 after acquiring an additional 860,489 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms recently issued reports on PNC. UBS Group upped their price target on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a report on Monday. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. 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 on the stock in a report on Thursday, December 14th. Finally, Evercore ISI upped their price target on shares of The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a report on Thursday, March 28th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $154.18.
Check Out Our Latest Stock Report on PNC
The PNC Financial Services Group Stock Down 0.2 %
The PNC Financial Services Group stock opened at $156.88 on Friday. The company has a 50-day simple moving average of $151.09 and a 200-day simple moving average of $139.62. The firm has a market capitalization of $62.41 billion, a P/E ratio of 12.27, a P/E/G ratio of 1.81 and a beta of 1.18. 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 PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $162.24.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS 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 analyst estimates 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 quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.49 earnings per share. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 12.41 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $6.20 annualized dividend and a dividend yield of 3.95%. The PNC Financial Services Group’s dividend payout ratio is currently 48.48%.
Insider Transactions at The PNC Financial Services Group
In other news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the transaction, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.42% of the company’s stock.
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
