Equity Investment Corp boosted its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 14.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 660,344 shares of the financial services provider’s stock after purchasing an additional 82,115 shares during the period. The PNC Financial Services Group comprises approximately 2.9% of Equity Investment Corp’s holdings, making the stock its 11th largest position. Equity Investment Corp owned about 0.17% of The PNC Financial Services Group worth $102,254,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in PNC. Steph & Co. increased its holdings in The PNC Financial Services Group by 1.8% in the fourth quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock valued at $576,000 after buying an additional 67 shares in the last quarter. Bangor Savings Bank boosted its position in The PNC Financial Services Group by 1.2% during the fourth quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock worth $888,000 after acquiring an additional 69 shares during the last quarter. Oakworth Capital Inc. boosted its holdings in shares of The PNC Financial Services Group by 11.7% in the 4th quarter. Oakworth Capital Inc. now owns 715 shares of the financial services provider’s stock valued at $111,000 after purchasing an additional 75 shares during the last quarter. Caprock Group LLC boosted its holdings in shares of The PNC Financial Services Group by 0.9% in the 4th quarter. Caprock Group LLC now owns 8,574 shares of the financial services provider’s stock valued at $1,328,000 after purchasing an additional 79 shares during the last quarter. Finally, RMR Wealth Builders boosted its holdings in shares of The PNC Financial Services Group by 1.2% in the 4th quarter. RMR Wealth Builders now owns 6,561 shares of the financial services provider’s stock valued at $1,016,000 after purchasing an additional 79 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Stock Down 0.3 %
Shares of PNC traded down $0.54 during midday trading on Friday, hitting $160.35. The company had a trading volume of 1,075,124 shares, compared to its average volume of 1,421,350. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company’s 50 day moving average price is $155.45 and its 200 day moving average price is $147.55. The stock has a market cap of $63.80 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.82 and a beta of 1.16.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The business had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same quarter in the prior year, the firm earned $3.98 EPS. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Monday, April 15th were given a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is presently 52.06%.
Wall Street Analysts Forecast Growth
PNC has been the topic of a number of research analyst reports. Wells Fargo & Company lifted 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. Keefe, Bruyette & Woods reiterated an “underperform” rating and issued a $152.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. JPMorgan Chase & Co. decreased their price target on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price target for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Finally, Evercore ISI reduced their target price on shares of The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a report on Wednesday, April 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $157.02.
View Our Latest Research Report on PNC
Insider Activity at The PNC Financial Services Group
In related news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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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