Sei Investments Co. grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 19.2% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 346,923 shares of the financial services provider’s stock after buying an additional 55,953 shares during the period. Sei Investments Co. owned 0.09% of The PNC Financial Services Group worth $56,063,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in PNC. Chilton Capital Management LLC raised its holdings in The PNC Financial Services Group by 43.3% during the first quarter. Chilton Capital Management LLC now owns 377 shares of the financial services provider’s stock worth $61,000 after purchasing an additional 114 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in The PNC Financial Services Group by 22.9% during the first quarter. Concurrent Investment Advisors LLC now owns 3,865 shares of the financial services provider’s stock worth $624,000 after purchasing an additional 721 shares in the last quarter. Atomi Financial Group Inc. raised its holdings in The PNC Financial Services Group by 40.1% during the first quarter. Atomi Financial Group Inc. now owns 2,968 shares of the financial services provider’s stock worth $480,000 after purchasing an additional 849 shares in the last quarter. Keudell Morrison Wealth Management raised its holdings in The PNC Financial Services Group by 15.9% during the first quarter. Keudell Morrison Wealth Management now owns 2,239 shares of the financial services provider’s stock worth $362,000 after purchasing an additional 307 shares in the last quarter. Finally, Anchor Capital Advisors LLC raised its holdings in The PNC Financial Services Group by 6.5% during the first quarter. Anchor Capital Advisors LLC now owns 418,796 shares of the financial services provider’s stock worth $67,677,000 after purchasing an additional 25,610 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Performance
NYSE:PNC opened at $169.02 on Tuesday. 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 firm has a 50-day moving average price of $156.42 and a two-hundred day moving average price of $153.62. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $170.91. The company has a market capitalization of $67.25 billion, a P/E ratio of 14.19, a price-to-earnings-growth ratio of 1.72 and a beta of 1.15.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.99 by $0.40. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period last year, the company earned $3.36 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 12.67 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be paid a dividend of $1.60 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.79%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 52.06%.
Insiders Place Their Bets
In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at $87,061,400.37. The disclosure for this sale can be found here. Insiders have sold 6,419 shares of company stock valued at $1,022,826 in the last ninety days. Insiders own 0.42% of the company’s stock.
Analysts Set New Price Targets
Several research analysts recently issued reports on PNC shares. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. UBS Group upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $165.00 to $179.00 in a research report on Monday, July 8th. Keefe, Bruyette & Woods reissued an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price target on 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. Finally, Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $159.63.
Check Out Our Latest Stock Analysis 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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Source: americanbankingnews.com
