Mach 1 Financial Group LLC Makes New $1.31 Million Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Mach 1 Financial Group opened a new position in PNC Financial Services, buying 6,259 shares valued at about $1.31 million in the fourth quarter.
• Institutional interest in PNC remains strong, with several large investors increasing stakes and institutions now owning 83.53% of the company.
• Analysts are broadly positive on PNC, with a consensus rating of “Moderate Buy” and an average price target of $243.11, while the stock recently traded at $216.96 after reporting earnings that beat estimates.

Mach 1 Financial Group LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,259 shares of the financial services provider's stock, valued at approximately $1,306,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNC. Viking Global Investors LP grew its stake in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after purchasing an additional 1,162,964 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after purchasing an additional 1,086,941 shares during the last quarter. Capital International Investors grew its stake in shares of The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after purchasing an additional 609,755 shares during the last quarter. Finally, PFA Pension Forsikringsaktieselskab bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $123,940,000. Institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of 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. Barclays upped their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an "overweight" rating in a report on Thursday, April 16th. Jefferies Financial Group initiated coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 target price on the stock. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Finally, Citigroup upped their target price on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $243.11.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $216.96 on Thursday. 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 business has a 50-day moving average price of $213.87 and a two-hundred day moving average price of $211.44. The PNC Financial Services Group, Inc has a 1-year low of $169.32 and a 1-year high of $243.94. The company has a market cap of $87.13 billion, a P/E ratio of 12.61, a PEG ratio of 0.88 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 earnings per share 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 firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period last year, the business posted $3.51 EPS. The business's revenue was up 13.1% compared to the same quarter last year. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis 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 is 39.51%.

Insider Activity

In other news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at $127,970,781.12. This represents a 8.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group 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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