Novem Group Acquires Shares of 18,604 The PNC Financial Services Group, Inc. (NYSE:PNC)

Novem Group acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 18,604 shares of the financial services provider's stock, valued at approximately $3,588,000.

Several other institutional investors have also recently bought and sold shares of PNC. Richardson Financial Services Inc. raised its position in The PNC Financial Services Group by 2,333.3% in the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock valued at $28,000 after purchasing an additional 140 shares during the last quarter. Albion Financial Group UT bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $30,000. Synergy Asset Management LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $32,000. Rialto Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $32,000. Finally, Whipplewood Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $33,000. Institutional investors own 83.53% of the company's stock.

Insider Activity

In other news, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now directly owns 20,490 shares in the company, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $179.14, for a total value of $222,491.88. Following the completion of the sale, the chief executive officer now owns 556,121 shares in the company, valued at approximately $99,623,515.94. This trade represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 17,638 shares of company stock worth $3,012,095 over the last three months. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PNC shares. Barclays dropped their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. dropped their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research report on Thursday, April 3rd. Morgan Stanley dropped their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an "underweight" rating for the company in a research report on Wednesday, April 16th. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Finally, TD Cowen assumed coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They set a "buy" rating and a $233.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and an average price target of $202.67.

The PNC Financial Services Group Stock Down 0.7%

NYSE:PNC opened at $177.36 on Wednesday. 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 current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The stock has a market cap of $70.16 billion, a price-to-earnings ratio of 12.90, a PEG ratio of 1.55 and a beta of 1.06. The stock has a 50-day moving average price of $165.19 and a two-hundred day moving average price of $186.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.45 billion during the quarter, compared to analysts' expectations of $5.50 billion. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.61%. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.

About The PNC Financial Services Group

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.

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