Commerce Bank increased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 1.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,106 shares of the financial services provider’s stock after buying an additional 241 shares during the quarter. Commerce Bank’s holdings in The PNC Financial Services Group were worth $3,113,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Rockline Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $1,825,000. KPP Advisory Services LLC bought a new stake in The PNC Financial Services Group in the 3rd quarter valued at $323,000. AQR Capital Management LLC raised its stake in The PNC Financial Services Group by 144.2% in the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after acquiring an additional 67,490 shares during the period. Trust Point Inc. bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $459,000. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $295,000. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Stock Performance
NYSE:PNC opened at $154.26 on Tuesday. The stock has a market cap of $61.38 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 2.97 and a beta of 1.16. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock’s 50-day moving average is $156.05 and its 200-day moving average is $149.49. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s quarterly revenue was down 8.2% compared to the same quarter last year. During the same period in the previous year, the business posted $3.98 earnings per share. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.63 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Stockholders of record on Monday, April 15th were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 52.06%.
Analyst Upgrades and Downgrades
Several analysts have recently issued reports on PNC shares. 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 report on Tuesday, January 30th. Jefferies Financial Group reduced their target price on The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday, April 17th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. StockNews.com lowered The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, May 21st. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $157.02.
Read Our Latest Research Report on PNC
Insider Transactions at The PNC Financial Services Group
In related news, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.42% of the company’s stock.
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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Source: defenseworld.net
