iA Global Asset Management Inc. Raises Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• iA Global Asset Management Inc. increased its stake in The PNC Financial Services Group by 158.2% in Q1, owning 12,168 shares valued at approximately $2.14 million as of its last SEC filing.
• The PNC Financial Services Group reported a quarterly EPS of $3.85, surpassing expectations, with revenues of $3.01 billion, marking a 4.6% increase compared to the same quarter last year.
• The company declared a quarterly dividend of $1.70 per share, an increase from the previous dividend of $1.60, representing a 3.6% yield and a payout ratio of 46.51%.

iA Global Asset Management Inc. increased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 158.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 12,168 shares of the financial services provider's stock after buying an additional 7,455 shares during the period. iA Global Asset Management Inc.'s holdings in The PNC Financial Services Group were worth $2,139,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. Massachusetts Financial Services Co. MA raised its position in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $299,864,000. GAMMA Investing LLC grew its position in The PNC Financial Services Group by 19,279.5% during the first quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares in the last quarter. Northern Trust Corp grew its position in The PNC Financial Services Group by 14.9% during the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after purchasing an additional 608,375 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in The PNC Financial Services Group by 84.8% in the first quarter. Assenagon Asset Management S.A. now owns 811,372 shares of the financial services provider's stock worth $142,615,000 after acquiring an additional 372,323 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. The Goldman Sachs Group boosted their target price 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, July 2nd. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. TD Cowen started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective for the company. Barclays lowered their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Bank of America increased their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Trading Down 0.6%

Shares of PNC traded down $1.15 during mid-day trading on Monday, hitting $188.59. 172,642 shares of the company's stock traded hands, compared to its average volume of 2,359,049. The firm has a market capitalization of $74.27 billion, a P/E ratio of 12.90, a PEG ratio of 1.41 and a beta of 1.09. The business's 50-day moving average price is $187.37 and its 200-day moving average price is $179.74. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. During the same period last year, the firm posted $3.39 earnings per share. The PNC Financial Services Group's revenue was up 4.6% compared to the same quarter last year. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

The PNC Financial Services Group Company Profile

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.