Rafferty Asset Management LLC grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 133,632 shares of the financial services provider’s stock after acquiring an additional 5,636 shares during the quarter. Rafferty Asset Management LLC’s holdings in The PNC Financial Services Group were worth $16,406,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. 1832 Asset Management L.P. grew its stake in The PNC Financial Services Group by 33.5% during the 1st quarter. 1832 Asset Management L.P. now owns 267 shares of the financial services provider’s stock worth $49,000 after buying an additional 67 shares during the last quarter. KCM Investment Advisors LLC grew its stake in The PNC Financial Services Group by 7.1% during the 1st quarter. KCM Investment Advisors LLC now owns 1,194 shares of the financial services provider’s stock worth $220,000 after buying an additional 79 shares during the last quarter. Bradley Foster & Sargent Inc. CT grew its stake in The PNC Financial Services Group by 2.3% during the 4th quarter. Bradley Foster & Sargent Inc. CT now owns 3,645 shares of the financial services provider’s stock worth $576,000 after buying an additional 82 shares during the last quarter. Holderness Investments Co. grew its stake in The PNC Financial Services Group by 3.2% during the 2nd quarter. Holderness Investments Co. now owns 2,830 shares of the financial services provider’s stock worth $356,000 after buying an additional 87 shares during the last quarter. Finally, Blair William & Co. IL grew its stake in The PNC Financial Services Group by 0.5% during the 1st quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock worth $3,135,000 after buying an additional 89 shares during the last quarter. 80.14% of the stock is currently owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Performance
Shares of PNC traded down $0.86 during mid-day trading on Friday, reaching $148.77. The company had a trading volume of 311,360 shares, compared to its average volume of 2,180,884. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $161.15. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $59.26 billion, a P/E ratio of 11.57, a PEG ratio of 1.72 and a beta of 1.19. The stock has a 50 day moving average of $150.53 and a two-hundred day moving average of $132.89.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The company had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The PNC Financial Services Group’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.49 earnings per share. On average, analysts expect that The PNC Financial Services Group, Inc. will post 12.29 earnings per share for the current year.
The PNC Financial Services Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Tuesday, January 16th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, January 12th. This represents a $6.20 annualized dividend and a dividend yield of 4.17%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 48.48%.
Analyst Ratings Changes
PNC has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on The PNC Financial Services Group from $128.00 to $147.00 and gave the company a “neutral” rating in a research note on Tuesday, December 19th. Odeon Capital Group raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $153.38 price objective on the stock in a report on Thursday, December 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $140.00 price objective on shares of The PNC Financial Services Group in a report on Tuesday, October 24th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a report on Tuesday, January 30th. Finally, Stephens reissued an “equal weight” rating and issued a $138.00 price objective on shares of The PNC Financial Services Group in a report on Tuesday, December 5th. Four analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $146.59.
Read Our Latest Stock Analysis on PNC
Insider Activity
In other news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Guild Deborah sold 1,533 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 17,092 shares of the company’s stock, valued at approximately $2,264,860.92. The disclosure for this sale can be found here. Company 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.
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