Groupama Asset Managment Has $51.69 Million Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Groupama Asset Managment cut its PNC stake by 6.2% in the fourth quarter, but still held 247,656 shares valued at about $51.69 million as of its latest filing.
• PNC reported strong quarterly earnings, posting $4.32 EPS versus estimates of $3.92, while revenue rose 13.1% year over year to $6.17 billion.
• The company continues to return cash to shareholders, with a quarterly dividend of $1.70 per share and an annualized yield of about 2.9%; analysts currently rate the stock a Moderate Buy with an average price target of $246.72.

Groupama Asset Managment reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 247,656 shares of the financial services provider's stock after selling 16,254 shares during the period. Groupama Asset Managment owned approximately 0.06% of The PNC Financial Services Group worth $51,693,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PNC. BDFS Capital LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth $215,000. Tempo Wealth LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $527,000. MidFirst Bank acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $188,000. SG Trading Solutions LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter worth $363,000. Finally, Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 over the last 90 days. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $232.39 on Friday. The business's 50-day moving average price is $222.45 and its 200-day moving average price is $217.44. The PNC Financial Services Group, Inc has a 12 month low of $176.16 and a 12 month high of $243.94. The firm has a market capitalization of $93.32 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 0.97 and a beta of 0.92. 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 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 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 business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period last year, the company earned $3.51 EPS. The firm's revenue was up 13.1% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is 39.51%.

Analyst Ratings Changes

A number of research firms recently commented on PNC. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Bank of America increased 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. Oppenheimer raised their target price on shares of 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. Citigroup boosted 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 report on Friday, May 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus price target of $246.72.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.