Vest Financial LLC acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 50,329 shares of the financial services provider's stock, valued at approximately $8,846,000.
A number of other large investors have also added to or reduced their stakes in the business. Mechanics Financial Corp bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $739,000. Premier Fund Managers Ltd raised its holdings in The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after purchasing an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in The PNC Financial Services Group by 25.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider's stock worth $7,739,000 after purchasing an additional 8,081 shares during the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its holdings in The PNC Financial Services Group by 2.0% during the 4th quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider's stock worth $30,202,000 after purchasing an additional 3,100 shares during the last quarter. Institutional investors own 83.53% of the company's stock.
Insider Buying and Selling
In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $171.15, for a total value of $212,568.30. Following the sale, the chief executive officer now directly owns 567,299 shares in the company, valued at approximately $97,093,223.85. The trade was a 0.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now owns 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,154 shares of company stock valued at $2,525,591. 0.41% of the stock is owned by insiders.
Analyst Ratings Changes
PNC has been the subject of several analyst reports. Morgan Stanley lowered their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a report on Wednesday, April 16th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Barclays lowered their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company lowered their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $202.67.
Read Our Latest Research Report on The PNC Financial Services Group
The PNC Financial Services Group Stock Up 2.3%
PNC stock traded up $4.02 during midday trading on Friday, reaching $178.72. 1,326,804 shares of the company's stock traded hands, compared to its average volume of 2,056,378. The company has a market cap of $70.70 billion, a price-to-earnings ratio of 13.00, a P/E/G ratio of 1.55 and a beta of 1.06. The firm's fifty day moving average price is $165.16 and its 200-day moving average price is $183.56. 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 PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion during 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, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 45.20%.
About The PNC Financial Services Group
(
Free Report)
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.
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