12,600 Shares in The PNC Financial Services Group, Inc $PNC Bought by Third View Private Wealth LLC

Key Points

• Third View Private Wealth LLC opened a new position in The PNC Financial Services Group (PNC), buying 12,600 shares during the fourth quarter valued at about $2.63 million.
• Wall Street sentiment is broadly positive with an average rating of "Moderate Buy" and a consensus price target of $237.53 (1 Strong Buy, 14 Buy, 6 Hold), while individual firms have issued mixed target adjustments and coverage actions.
• PNC recently beat expectations with EPS $4.88 and revenue of $6.07 billion, has a market cap near $89.95 billion and a valuation of P/E 13.44, and pays a quarterly dividend of $1.70 (about a 3.0% yield).

Third View Private Wealth LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 12,600 shares of the financial services provider's stock, valued at approximately $2,630,000.

A number of other institutional investors also recently bought and sold shares of the company. State Street Corp boosted its position in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock worth $3,464,462,000 after purchasing an additional 85,291 shares in the last quarter. Capital International Investors boosted its position in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after purchasing an additional 609,755 shares in the last quarter. Viking Global Investors LP boosted its position in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. AQR Capital Management LLC boosted its position in The PNC Financial Services Group by 32.6% during the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after purchasing an additional 1,086,941 shares in the last quarter. Finally, Wellington Management Group LLP boosted its position in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PNC. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a "buy" rating and a $250.00 target price on the stock. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an "outperform" rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. decreased their target price on The PNC Financial Services Group from $251.00 to $237.50 and set an "overweight" rating on the stock in a research report on Tuesday, April 7th. Morgan Stanley reduced their price objective on The PNC Financial Services Group from $283.00 to $263.00 and set an "equal weight" rating on the stock in a research report on Tuesday, March 31st. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $237.53.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $223.01 on Tuesday. The business's 50-day moving average price is $217.00 and its 200 day moving average price is $206.00. The PNC Financial Services Group, Inc has a twelve month low of $148.28 and a twelve month high of $243.94. The company has a market capitalization of $89.95 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.01 and a beta of 0.96. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the prior year, the business posted $3.77 earnings per share. The firm's revenue for the quarter was up 9.1% compared to the same quarter last year. On average, 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 3.0%. The PNC Financial Services Group's dividend payout ratio is 40.99%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares in the company, valued at $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

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