Harbor Investment Advisory LLC lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 4.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,812 shares of the financial services provider’s stock after selling 218 shares during the quarter. Harbor Investment Advisory LLC’s holdings in The PNC Financial Services Group were worth $778,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in the stock. Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares in the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $1,039,481,000. Franklin Resources Inc. raised its holdings 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 in the last quarter. Capital Research Global Investors raised its holdings in The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after acquiring an additional 778,264 shares during the period. Finally, Morgan Stanley raised its holdings in The PNC Financial Services Group by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,858,980 shares of the financial services provider’s stock worth $473,767,000 after acquiring an additional 36,362 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.
Analyst Upgrades and Downgrades
Several research analysts recently commented on PNC shares. The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a report on Monday, April 1st. Bank of America boosted their price objective on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus price target of $157.83.
The PNC Financial Services Group Stock Up 1.1 %
The PNC Financial Services Group stock opened at $154.90 on Tuesday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The company has a 50 day moving average of $154.84 and a 200-day moving average of $152.66. The stock has a market capitalization of $61.64 billion, a PE ratio of 13.01, a price-to-earnings-growth ratio of 2.19 and a beta of 1.16. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The business had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the prior year, the company posted $3.98 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. On average, equities 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 declared a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.
Insider Buying and Selling at The PNC Financial Services Group
In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.42% of the company’s stock.
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 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.
Further Reading
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Source: defenseworld.net
