Geode Capital Management LLC Has $1.84 Billion Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Geode Capital Management slightly increased its PNC stake in the fourth quarter, ending with 8.86 million shares valued at about $1.84 billion, or roughly 2.26% of the company.
• Institutional ownership in PNC remains very high at 83.53%, and several large investors such as Vanguard, State Street, and Capital International Investors also expanded their positions.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, while analysts currently rate the stock a Moderate Buy with an average price target of $243.11; the company also paid a quarterly dividend of $1.70, yielding about 3.1%.

Geode Capital Management LLC raised its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,861,852 shares of the financial services provider's stock after buying an additional 30,078 shares during the quarter. Geode Capital Management LLC owned about 2.26% of The PNC Financial Services Group worth $1,841,387,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in shares of 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 valued at $8,114,168,000 after purchasing an additional 408,464 shares during the period. State Street Corp grew its position in shares of 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 valued at $3,464,462,000 after purchasing an additional 85,291 shares during the period. Capital International Investors grew its position in shares of 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 valued at $2,177,318,000 after purchasing an additional 609,755 shares during the period. Viking Global Investors LP grew its position in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Finally, AQR Capital Management LLC grew its position in shares of The PNC Financial Services Group by 32.6% in the 3rd quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock valued at $889,297,000 after purchasing an additional 1,086,941 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective for the company. Oppenheimer boosted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research report on Thursday, April 30th. Keefe, Bruyette & Woods boosted 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 research report on Thursday, April 16th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. 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 stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average target price of $243.11.

The PNC Financial Services Group Trading Down 0.4%

NYSE PNC opened at $219.94 on Friday. The stock has a market capitalization of $88.32 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 0.92 and a beta of 0.94. The stock's 50 day moving average price is $215.86 and its two-hundred day moving average price is $212.99. 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 PNC Financial Services Group, Inc has a 52 week low of $170.49 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, beating the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.51 EPS. As a group, 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 company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders 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 annualized dividend and a yield of 3.1%. The PNC Financial Services Group's payout ratio is presently 39.51%.

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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