Legal & General Group Plc Has $562.43 Million Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Legal & General Group Plc trimmed its PNC stake by 1.2% in the fourth quarter, but still held 2.69 million shares valued at about $562.4 million. Institutional investors overall continue to own a large majority of PNC, at 83.53% of the stock.
• PNC shares were trading around $219.50, near the middle of their 52-week range, with a market cap of $88.14 billion and a dividend yield of 3.1%. The bank recently paid a quarterly dividend of $1.70 per share.
• The company reported better-than-expected earnings of $4.32 per share for the latest quarter, while revenue rose 13.1% year over year. Analysts remain constructive, with a consensus rating of Moderate Buy and an average price target of $243.11.

Legal & General Group Plc lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,694,530 shares of the financial services provider's stock after selling 31,895 shares during the period. Legal & General Group Plc owned approximately 0.69% of The PNC Financial Services Group worth $562,429,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of The PNC Financial Services Group by 12.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock worth $11,621,000 after acquiring an additional 6,572 shares during the last quarter. US Bancorp DE raised its holdings in shares of The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock worth $57,714,000 after acquiring an additional 34,009 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in shares of The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock worth $369,169,000 after acquiring an additional 22,325 shares during the last quarter. Savant Capital LLC raised its holdings in shares of The PNC Financial Services Group by 8.7% in the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock worth $17,672,000 after acquiring an additional 7,064 shares during the last quarter. Finally, National Pension Service raised its holdings in shares of The PNC Financial Services Group by 2.5% in the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock worth $215,113,000 after acquiring an additional 26,305 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 0.1%

Shares of PNC stock opened at $219.50 on Tuesday. The PNC Financial Services Group, Inc has a 52-week low of $169.32 and a 52-week 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 company has a 50-day simple moving average of $214.73 and a two-hundred day simple moving average of $212.21. The company has a market capitalization of $88.14 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.91 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the firm posted $3.51 EPS. The firm's quarterly revenue was up 13.1% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PNC shares. Oppenheimer upped their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their target price 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. Barclays upped their target price on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods upped their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, May 8th. 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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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