Huntington National Bank Cuts Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Huntington National Bank reduced its stake in PNC Financial Services by 5.8% in the fourth quarter, selling 4,949 shares and leaving it with 80,403 shares valued at about $16.8 million.
• PNC posted stronger-than-expected earnings, reporting $4.32 per share versus the $3.92 consensus estimate, while revenue rose 13.1% year over year to $6.17 billion.
• Analysts remain cautiously bullish on the stock: the consensus rating is “Moderate Buy,” with an average price target of $243.11, and PNC also pays a quarterly dividend of $1.70 per share, or $6.80 annually.

Huntington National Bank cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 80,403 shares of the financial services provider's stock after selling 4,949 shares during the quarter. Huntington National Bank's holdings in The PNC Financial Services Group were worth $16,783,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in The PNC Financial Services Group during the 4th quarter worth $35,000. JPL Wealth Management LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter worth $37,000. Financial Life Planners purchased a new position in The PNC Financial Services Group during the 3rd quarter worth $39,000. Finally, Cornerstone Planning Group LLC grew its stake in The PNC Financial Services Group by 2,100.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider's stock worth $39,000 after buying an additional 168 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $220.86 on Thursday. The stock has a 50-day moving average of $215.54 and a two-hundred day moving average of $212.73. The PNC Financial Services Group, Inc has a one year low of $170.49 and a one year high of $243.94. 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 stock has a market cap of $88.69 billion, a P/E ratio of 12.83, a P/E/G ratio of 0.92 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.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 firm posted $3.51 EPS. The firm's revenue was up 13.1% compared to the same quarter last year. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

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

Analysts Set New Price Targets

Several research analysts recently weighed in on PNC shares. Royal Bank Of Canada restated an "outperform" rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Oppenheimer boosted their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Finally, Citigroup boosted their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average 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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