Munich Reinsurance Co Stock Corp in Munich Decreases Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Munich Re cut its stake in PNC by 95.3% in Q4, selling 23,227 shares and leaving just 1,158 shares valued at about $244,000.
• Wall Street sentiment is broadly positive with a consensus "Moderate Buy" and an average price target of $241.69 after multiple firms raised targets (e.g., Barclays to $277, Morgan Stanley to $267).
• PNC beat EPS estimates ($4.32 vs. $3.92), reported 13.1% YoY revenue growth, and declared a $1.70 quarterly dividend (annualized $6.80, ~3.1% yield).

Munich Reinsurance Co Stock Corp in Munich lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 95.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,158 shares of the financial services provider's stock after selling 23,227 shares during the period. Munich Reinsurance Co Stock Corp in Munich's holdings in The PNC Financial Services Group were worth $244,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PNC. Morgan Stanley lifted their price target on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Barclays lifted their target price on 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. Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a report on Tuesday, January 20th. Finally, Keefe, Bruyette & Woods lifted their target price on 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $241.69.

Insider Activity at The PNC Financial Services Group

In other news, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president directly owned 18,867 shares of the company's stock, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares of the company's stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 64,186 shares of company stock valued at $14,840,973 over the last ninety days. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $219.97 on Friday. The company has a market capitalization of $88.73 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 0.94 and a beta of 0.96. The PNC Financial Services Group, Inc has a 1-year low of $156.70 and a 1-year high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.00. The stock's fifty day simple moving average is $214.70 and its 200-day simple moving average is $207.52.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the company posted $3.51 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

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

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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