CIBC Asset Management Inc Has $30.12 Million Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• CIBC Asset Management Inc. increased its PNC stake by 33.7% in the fourth quarter, ending with 144,295 shares worth about $30.1 million.
• PNC reported strong quarterly earnings of $4.32 per share, topping estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company continues to pay a quarterly dividend of $1.70 per share, equal to a 3.1% yield, while analysts currently rate the stock a Moderate Buy with a consensus target of $243.11.

CIBC Asset Management Inc increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 33.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 144,295 shares of the financial services provider's stock after buying an additional 36,378 shares during the quarter. CIBC Asset Management Inc's holdings in The PNC Financial Services Group were worth $30,119,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Marble Wealth LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $513,000. Mccarter Private Wealth Services LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $265,000. Bank of New York Mellon Corp boosted its holdings in The PNC Financial Services Group by 3.7% during the fourth quarter. Bank of New York Mellon Corp now owns 2,692,994 shares of the financial services provider's stock valued at $562,109,000 after purchasing an additional 97,107 shares in the last quarter. Pincus Capital Management LP acquired a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $292,000. Finally, Heritage Trust Co boosted its holdings in The PNC Financial Services Group by 8.2% during the fourth quarter. Heritage Trust Co now owns 20,574 shares of the financial services provider's stock valued at $4,294,000 after purchasing an additional 1,558 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $218.52 on Thursday. The PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94. The firm has a 50 day moving average of $217.24 and a 200-day moving average of $213.95. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The stock has a market capitalization of $87.75 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the previous year, the company posted $3.51 earnings per share. The PNC Financial Services Group's quarterly revenue was up 13.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.1%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is 39.51%.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business's 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 $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PNC shares. Bank of America lifted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Citigroup lifted their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. Jefferies Financial Group started coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a "buy" rating and a $250.00 price objective on the stock. Oppenheimer lifted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. One investment 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. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

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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