D.A. Davidson & CO. lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 110,330 shares of the financial services provider's stock after selling 19,905 shares during the quarter. D.A. Davidson & CO.'s holdings in The PNC Financial Services Group were worth $19,393,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PNC. Norges Bank acquired a new position in The PNC Financial Services Group in the fourth quarter worth approximately $1,352,151,000. Leigh Baldwin & CO. LLC acquired a new position in The PNC Financial Services Group in the fourth quarter worth approximately $299,864,000. GAMMA Investing LLC grew its position in The PNC Financial Services Group by 19,279.5% in the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the last quarter. Schroder Investment Management Group grew its position in The PNC Financial Services Group by 166.1% in the fourth quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after buying an additional 860,554 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in The PNC Financial Services Group by 10.7% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after buying an additional 726,115 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.
Insider Buying and Selling
In related news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, May 16th. The stock was sold at an average price of $179.14, for a total transaction of $222,491.88. Following the completion of the transaction, the chief executive officer owned 556,121 shares in the company, valued at $99,623,515.94. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,787 shares of company stock worth $1,782,794 in the last quarter. 0.41% of the stock is currently owned by company insiders.
The PNC Financial Services Group Stock Down 0.3%
Shares of PNC stock traded down $0.61 on Friday, hitting $195.10. The company's stock had a trading volume of 1,863,484 shares, compared to its average volume of 2,113,925. The company has a debt-to-equity ratio of 1.08, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The firm's fifty day moving average price is $175.83 and its 200-day moving average price is $180.07. The stock has a market capitalization of $77.18 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.66 and a beta of 1.07.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate 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 17.68% and a return on equity of 10.95%. Research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.49%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.
Wall Street Analyst Weigh In
PNC has been the topic of several recent research reports. The Goldman Sachs Group lifted their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research report on Wednesday. Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Barclays lowered their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Morgan Stanley lowered their price objective on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup lowered their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $206.35.
View Our Latest Report on PNC
The PNC Financial Services Group Company Profile
(
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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