Resona Asset Management Co. Ltd. Purchases 9,645 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Resona Asset Management Co. Ltd. boosted its stake in The PNC Financial Services Group by 7.9%, acquiring an additional 9,645 shares, bringing its total holdings to 132,083 shares worth approximately $23.14 million.
• Analysts have varying price targets for PNC, with Citigroup setting a new target of $217.00 and Royal Bank of Canada adjusting theirs down to $195.00, though the average consensus remains at $214.17.
• The company recently increased its quarterly dividend from $1.60 to $1.70, representing an annualized dividend of $6.80 and a yield of 3.6%.

Resona Asset Management Co. Ltd. grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 7.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,083 shares of the financial services provider's stock after acquiring an additional 9,645 shares during the period. Resona Asset Management Co. Ltd.'s holdings in The PNC Financial Services Group were worth $23,137,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Brighton Jones LLC grew its holdings in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares during the last quarter. Savvy Advisors Inc. acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at about $205,000. SageView Advisory Group LLC lifted its position in shares of The PNC Financial Services Group by 7.9% during the 4th quarter. SageView Advisory Group LLC now owns 1,714 shares of the financial services provider's stock valued at $331,000 after acquiring an additional 125 shares during the period. XTX Topco Ltd acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $1,554,000. Finally, Guggenheim Capital LLC raised its position in shares of The PNC Financial Services Group by 37.3% during the 4th quarter. Guggenheim Capital LLC now owns 40,013 shares of the financial services provider's stock worth $7,717,000 after purchasing an additional 10,874 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded down $3.27 during midday trading on Friday, hitting $191.30. The stock had a trading volume of 1,300,358 shares, compared to its average volume of 2,343,465. 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 market capitalization of $75.34 billion, a PE ratio of 13.08, a P/E/G ratio of 1.43 and a beta of 1.09. 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 stock has a 50 day simple moving average of $188.72 and a 200-day simple moving average of $179.78.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.39 EPS. On average, sell-side analysts expect 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.6%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio is 46.51%.

Analyst Ratings Changes

PNC has been the subject of several analyst reports. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their target price for the company from $185.00 to $212.00 in a research note on Wednesday, July 9th. Raymond James Financial upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price on the stock in a report on Tuesday, July 8th. Oppenheimer upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price objective on the stock in a report on Wednesday, July 30th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is owned by company insiders.

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.