BROOKFIELD Corp ON increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 1,193.0% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 135,600 shares of the financial services provider’s stock after purchasing an additional 125,113 shares during the period. BROOKFIELD Corp ON’s holdings in The PNC Financial Services Group were worth $17,079,000 at the end of the most recent reporting period.
Several other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of The PNC Financial Services Group by 1.0% in the second quarter. State Street Corp now owns 17,127,040 shares of the financial services provider’s stock valued at $2,157,151,000 after buying an additional 170,387 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in The PNC Financial Services Group by 7.0% during the 4th 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 during the period. FMR LLC grew its position in The PNC Financial Services Group by 5.8% in the 1st quarter. FMR LLC now owns 11,401,954 shares of the financial services provider’s stock valued at $1,449,188,000 after acquiring an additional 623,952 shares in the last quarter. Capital International Investors increased its stake in The PNC Financial Services Group by 615.1% during the second quarter. Capital International Investors now owns 8,623,735 shares of the financial services provider’s stock worth $1,086,142,000 after purchasing an additional 7,417,830 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of The PNC Financial Services Group by 788.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,501,090 shares of the financial services provider’s stock worth $1,080,490,000 after purchasing an additional 7,544,029 shares in the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.
The PNC Financial Services Group Price Performance
Shares of PNC opened at $146.32 on Thursday. The firm has a fifty day moving average price of $124.80 and a 200 day moving average price of $125.17. The stock has a market cap of $58.29 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 1.26 and a beta of 1.17. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $169.07. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.82 and a quick ratio of 0.82.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Friday, October 13th. The financial services provider reported $3.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.10 by $0.50. The firm had revenue of $5.23 billion during the quarter, compared to analysts’ expectations of $5.32 billion. The PNC Financial Services Group had a return on equity of 12.91% and a net margin of 20.39%. The business’s revenue was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $3.78 EPS. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.87 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th were given a dividend of $1.55 per share. The ex-dividend date of this dividend was Monday, October 16th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.24%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.03%.
Analyst Ratings Changes
A number of research analysts recently weighed in on the stock. StockNews.com cut shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday, November 17th. Morgan Stanley dropped their price target on shares of The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating for the company in a research note on Tuesday, October 3rd. Royal Bank of Canada reiterated an “outperform” rating and issued a $140.00 price objective on shares of The PNC Financial Services Group in a research note on Tuesday, October 24th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $116.00 to $128.00 and gave the stock a “neutral” rating in a research note on Friday, December 1st. Finally, Jefferies Financial Group upped their price target on The PNC Financial Services Group from $112.00 to $127.00 in a report on Tuesday, October 10th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $149.32.
View Our Latest Report on The PNC Financial Services Group
Insider Activity
In related news, EVP Guild Deborah sold 1,533 shares of the stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $132.51, for a total transaction of $203,137.83. Following the completion of the sale, the executive vice president now owns 17,092 shares in the company, valued at approximately $2,264,860.92. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.39% 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 certificates of 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.
See Also
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