Parallel Advisors LLC decreased its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 16.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,369 shares of the financial services provider’s stock after selling 470 shares during the quarter. Parallel Advisors LLC’s holdings in The PNC Financial Services Group were worth $367,000 at the end of the most recent quarter.
A number of other hedge funds have also bought and sold shares of the business. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,039,481,000. Franklin Resources Inc. increased its position in shares of The PNC Financial Services Group by 165.4% during the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after purchasing an additional 3,046,226 shares during the last quarter. FMR LLC increased its position in shares of The PNC Financial Services Group by 6.7% during the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after purchasing an additional 893,808 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of The PNC Financial Services Group by 15,539.2% during the 4th quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock valued at $99,727,000 after purchasing an additional 639,903 shares during the last quarter. Finally, Invesco Ltd. increased its position in shares of The PNC Financial Services Group by 10.4% during the 3rd quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock valued at $634,024,000 after purchasing an additional 484,475 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Insider Activity
In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at approximately $545,856.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Analysts Set New Price Targets
Several equities research analysts have recently commented on PNC shares. 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 research report on Monday, April 1st. Jefferies Financial Group reduced their price target on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday, April 17th. Bank of America boosted their price objective on The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. cut their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Finally, HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and boosted their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $157.02.
Get Our Latest Research Report on The PNC Financial Services Group
The PNC Financial Services Group Trading Up 2.3 %
PNC stock opened at $157.39 on Friday. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The company has a market capitalization of $62.63 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 3.04 and a beta of 1.16. The business has a 50 day simple moving average of $155.99 and a two-hundred day simple moving average of $150.18.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted 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 business had revenue of $5.15 billion during the quarter, compared to the consensus estimate 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 firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.98 EPS. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.63 EPS for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Sunday, May 5th. Stockholders of record on Monday, April 15th were given a dividend of $1.55 per share. The ex-dividend date was Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.94%. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.
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
