Arrowstreet Capital Limited Partnership Sells 64,751 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Arrowstreet Capital cut its PNC position by 9.4% in the fourth quarter, selling 64,751 shares and leaving it with 621,887 shares valued at about $129.8 million.
• PNC beat earnings expectations in its latest quarterly report, posting $4.32 EPS versus the $3.92 consensus, while revenue rose 13.1% year over year to $6.17 billion.
• The bank also returned cash to shareholders with a quarterly dividend of $1.70 per share and has seen several analysts raise targets, with consensus rating currently at Moderate Buy.

Arrowstreet Capital Limited Partnership decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 9.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 621,887 shares of the financial services provider's stock after selling 64,751 shares during the period. Arrowstreet Capital Limited Partnership owned 0.16% of The PNC Financial Services Group worth $129,806,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Quarry LP acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $29,000. Beacon Financial Strategies CORP acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $35,000. JPL Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at approximately $39,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $230.01 on Tuesday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50-day moving average of $221.21 and a 200-day moving average of $216.56. The PNC Financial Services Group, Inc has a 52 week low of $172.88 and a 52 week high of $243.94. The company has a market capitalization of $92.36 billion, a price-to-earnings ratio of 13.36, a PEG ratio of 0.99 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the prior year, the business posted $3.51 earnings per share. The company's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is 39.51%.

Analyst Ratings Changes

Several brokerages have commented on PNC. Stephens began coverage on The PNC Financial Services Group in a research report on Monday. They issued an "overweight" rating and a $265.00 price target on the stock. Bank of America raised their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Citigroup upped their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, May 8th. Finally, Oppenheimer raised their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $246.72.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.38% of the company's stock.

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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