1248 Management LLC Purchases New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

1248 Management LLC purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 5,083 shares of the financial services provider's stock, valued at approximately $980,000.

Several other institutional investors have also recently added to or reduced their stakes in PNC. Mechanics Financial Corp bought a new stake in The PNC Financial Services Group in the fourth quarter valued at about $541,000. AssuredPartners Investment Advisors LLC bought a new stake in The PNC Financial Services Group during the fourth quarter valued at $739,000. Premier Fund Managers Ltd lifted its position in shares of The PNC Financial Services Group by 38.3% in the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after buying an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of The PNC Financial Services Group by 25.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider's stock valued at $7,739,000 after buying an additional 8,081 shares during the period. Finally, Fifth Third Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 48.5% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider's stock valued at $5,160,000 after buying an additional 8,735 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

PNC stock traded up $0.12 during midday trading on Monday, hitting $165.66. 2,761,193 shares of the company traded hands, compared to its average volume of 2,012,889. The PNC Financial Services Group, Inc. has a twelve month low of $145.12 and a twelve month high of $216.26. The stock has a market capitalization of $65.56 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a 50 day simple moving average of $166.95 and a 200-day simple moving average of $187.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.86%. The PNC Financial Services Group's dividend payout ratio is presently 45.20%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on PNC shares. Barclays lowered their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company cut their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Stephens restated an "equal weight" rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a report on Wednesday, April 16th. Finally, HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price target for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $200.88.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Martin Pfinsgraff purchased 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The shares were purchased at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the purchase, the director now directly owns 2,009 shares of the company's stock, valued at approximately $317,863.98. This represents a 99.11 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $192.45, for a total transaction of $239,022.90. Following the completion of the transaction, the chief executive officer now directly owns 571,025 shares of the company's stock, valued at $109,893,761.25. This trade represents a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,662 shares of company stock worth $2,322,006 in the last 90 days. 0.41% of the stock is owned by company insiders.

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.