Prudential PLC Has $34.31 Million Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Prudential PLC increased its stake in The PNC Financial Services Group by 65.9% during the first quarter, holding 195,186 shares worth approximately $34.31 million.
• The PNC Financial Services Group recently announced a quarterly dividend of $1.70, up from the previous $1.60, which reflects a positive shift in its annualized yield to 3.6%.
• Equities analysts have varied ratings for PNC, with the stock holding a consensus rating of "Moderate Buy" and a target price averaging $214.17.

Prudential PLC boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 65.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 195,186 shares of the financial services provider's stock after acquiring an additional 77,511 shares during the period. Prudential PLC's holdings in The PNC Financial Services Group were worth $34,308,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its holdings in The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock valued at $1,670,249,000 after buying an additional 1,964,157 shares during the last quarter. Nuveen LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at approximately $306,905,000. Leigh Baldwin & CO. LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $299,864,000. GAMMA Investing LLC boosted its stake in shares of The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock valued at $495,336,000 after buying an additional 830,440 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PNC shares. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price for the company in a research report on Wednesday, July 30th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and lifted their target price for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. Bank of America upped their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada dropped their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Stock Down 0.6%

Shares of The PNC Financial Services Group stock opened at $188.52 on Tuesday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm's 50 day moving average price is $187.66 and its 200-day moving average price is $179.66. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The company has a market cap of $74.24 billion, a P/E ratio of 12.89, a PEG ratio of 1.41 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the company earned $3.39 earnings per share. The company's quarterly revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were paid a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Profile

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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