Axxcess Wealth Management LLC Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Axxcess Wealth Management LLC boosted its stake in PNC by 372.3% in the fourth quarter, ending with 38,665 shares valued at about $8.1 million.
• Other institutional investors also increased holdings, and hedge funds plus institutions now own 83.53% of The PNC Financial Services Group.
• PNC reported strong quarterly earnings of $4.32 per share, beating estimates, and it also paid a $1.70 quarterly dividend that annualizes to a 3.1% yield.

Axxcess Wealth Management LLC grew its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 372.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,665 shares of the financial services provider's stock after purchasing an additional 30,478 shares during the period. Axxcess Wealth Management LLC's holdings in The PNC Financial Services Group were worth $8,071,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in The PNC Financial Services Group by 12.8% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock worth $11,621,000 after buying an additional 6,572 shares during the last quarter. US Bancorp DE increased its holdings in The PNC Financial Services Group by 13.4% during the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock worth $57,714,000 after buying an additional 34,009 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in The PNC Financial Services Group by 1.2% during the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock worth $369,169,000 after buying an additional 22,325 shares during the last quarter. Savant Capital LLC increased its holdings in The PNC Financial Services Group by 8.7% during the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock worth $17,672,000 after buying an additional 7,064 shares during the last quarter. Finally, National Pension Service boosted its position in The PNC Financial Services Group by 2.5% during the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock worth $215,113,000 after purchasing an additional 26,305 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PNC shares. Citigroup increased their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, May 8th. Keefe, Bruyette & Woods increased 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. 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 research report on Thursday, April 16th. 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 research report on Thursday, April 30th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $243.11.

The PNC Financial Services Group Trading Up 0.5%

Shares of PNC opened at $219.50 on Friday. The firm's 50 day simple moving average is $214.39 and its 200 day simple moving average is $211.74. The company has a market capitalization of $88.14 billion, a P/E ratio of 12.75, a P/E/G ratio of 0.91 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The PNC Financial Services Group, Inc has a 1-year low of $169.32 and a 1-year high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm posted $3.51 earnings per share. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

The PNC Financial Services Group 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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