Washington Capital Management Inc. acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,890 shares of the financial services provider’s stock, valued at approximately $1,214,000. The PNC Financial Services Group comprises 1.1% of Washington Capital Management Inc.’s holdings, making the stock its 17th largest position.
A number of other institutional investors have also modified their holdings of the company. Waldron Private Wealth LLC raised its position in shares of The PNC Financial Services Group by 55.2% in the third quarter. Waldron Private Wealth LLC now owns 4,193 shares of the financial services provider’s stock valued at $514,000 after buying an additional 1,491 shares during the last quarter. IFM Investors Pty Ltd increased its position in The PNC Financial Services Group by 3.6% during the third quarter. IFM Investors Pty Ltd now owns 85,060 shares of the financial services provider’s stock worth $10,443,000 after purchasing an additional 2,979 shares during the last quarter. AMF Tjanstepension AB increased its position in The PNC Financial Services Group by 4.3% during the third quarter. AMF Tjanstepension AB now owns 253,400 shares of the financial services provider’s stock worth $31,110,000 after purchasing an additional 10,464 shares during the last quarter. Hapanowicz & Associates Financial Services Inc increased its position in The PNC Financial Services Group by 16.3% during the third quarter. Hapanowicz & Associates Financial Services Inc now owns 4,270 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 597 shares during the last quarter. Finally, Pinnacle Wealth Management Advisory Group LLC increased its position in The PNC Financial Services Group by 2.3% during the third quarter. Pinnacle Wealth Management Advisory Group LLC now owns 13,110 shares of the financial services provider’s stock worth $1,609,000 after purchasing an additional 293 shares during the last quarter. Institutional investors and hedge funds own 80.14% of the company’s stock.
Analyst Ratings Changes
PNC has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price target on shares of The PNC Financial Services Group in a research report on Tuesday, October 24th. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $125.00 to $145.00 and gave the stock an “underperform” rating in a research report on Wednesday, January 3rd. Bank of America raised shares of The PNC Financial Services Group from an “underperform” rating to a “neutral” rating in a research report on Tuesday, October 10th. StockNews.com lowered shares of The PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, November 17th. Finally, Jefferies Financial Group boosted their price objective on shares of The PNC Financial Services Group from $112.00 to $127.00 in a research note on Tuesday, October 10th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $147.43.
The PNC Financial Services Group Price Performance
Shares of PNC stock opened at $156.23 on Monday. The company has a market capitalization of $62.23 billion, a PE ratio of 10.84, a price-to-earnings-growth ratio of 1.82 and a beta of 1.18. The firm has a fifty day simple moving average of $137.30 and a 200-day simple moving average of $128.56. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $169.07.
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 for the quarter, beating the consensus estimate of $3.10 by $0.50. The business had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.32 billion. The PNC Financial Services Group had a net margin of 20.39% and a return on equity of 12.91%. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.78 earnings per share. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.78 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, February 5th. Investors of record on Tuesday, January 16th will be issued a $1.55 dividend. The ex-dividend date is Friday, January 12th. This represents a $6.20 annualized dividend and a yield of 3.97%. The PNC Financial Services Group’s dividend payout ratio is presently 43.03%.
Insider Activity at The PNC Financial Services Group
In related news, EVP Guild Deborah sold 1,533 shares of the company’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $132.51, for a total value of $203,137.83. Following the sale, the executive vice president now directly owns 17,092 shares of the company’s stock, valued at $2,264,860.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.39% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Company 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 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.
Further Reading
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