Oppenheimer & Co. Inc. Raises Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Oppenheimer & Co. Inc. increased its stake in The PNC Financial Services Group by 101.9% in Q4 to 16,150 shares, valued at about $3.37 million.
• PNC beat expectations with quarterly EPS of $4.32 versus a $3.92 consensus and revenue up 13.1% year-over-year, and declared a $1.70 quarterly dividend (3.1% yield).
• Insider selling is notable, with executives selling 64,186 shares worth $14.84 million in the last 90 days, while institutional investors hold 83.53% of the stock.

Oppenheimer & Co. Inc. increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 101.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,150 shares of the financial services provider's stock after acquiring an additional 8,151 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in The PNC Financial Services Group were worth $3,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $25,000. Westfuller Advisors LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $34,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $35,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $39,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the company's stock in a transaction dated 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 transaction, the executive vice president 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 filing with the SEC, which is available through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $220.92 on Monday. The PNC Financial Services Group, Inc has a 12-month low of $163.11 and a 12-month high of $243.94. The stock has a market cap of $89.11 billion, a P/E ratio of 12.84, a PEG ratio of 0.92 and a beta of 0.94. The company has a 50-day moving average price of $213.91 and a 200 day moving average price of $208.57. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same period last year, the business earned $3.51 earnings per share. The PNC Financial Services Group's revenue was up 13.1% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a "buy" rating and a $250.00 target price on the stock. Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 20th. Bank of America boosted their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Barclays upped their price objective on shares of 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. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $241.72.

About The PNC Financial Services Group

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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