Allworth Financial LP Boosts Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Allworth Financial LP boosted its stake in PNC by 87.3% in the fourth quarter, ending with 53,140 shares valued at about $11.1 million.
• PNC reported strong quarterly earnings, with EPS of $4.32 beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company also paid a quarterly dividend of $1.70 per share, annualizing to a 3.2% yield, and analysts currently hold a Moderate Buy consensus rating with an average price target of $243.11.

Allworth Financial LP increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 87.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 53,140 shares of the financial services provider's stock after buying an additional 24,773 shares during the period. Allworth Financial LP's holdings in The PNC Financial Services Group were worth $11,092,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after buying an additional 408,464 shares during the period. State Street Corp increased its stake in The PNC Financial Services Group by 0.5% in the 3rd quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock worth $3,464,462,000 after buying an additional 85,291 shares during the period. Capital International Investors increased its stake in The PNC Financial Services Group by 6.0% in the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after buying an additional 609,755 shares during the period. Viking Global Investors LP grew its holdings in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in The PNC Financial Services Group by 32.6% during the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after acquiring an additional 1,086,941 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president directly owned 1,942 shares of the company's stock, valued at $448,563.16. This represents a 79.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,186 shares of company stock valued at $14,840,973 over the last 90 days. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Up 1.8%

PNC stock opened at $213.57 on Friday. The firm has a 50 day moving average of $213.48 and a 200 day moving average of $210.55. The stock has a market capitalization of $85.76 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 0.87 and a beta of 0.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The PNC Financial Services Group's revenue for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the business earned $3.51 EPS. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Bank of America increased their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Finally, Barclays increased their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average target price of $243.11.

About The PNC Financial Services Group

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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