Stoneridge Investment Partners LLC Has $4.95 Million Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Stoneridge Investment Partners increased its stake in PNC by 59.1% in the fourth quarter, buying 8,818 more shares and lifting its holdings to 23,727 shares worth about $4.95 million.
• PNC reported strong quarterly earnings, posting $4.32 EPS versus analyst expectations of $3.92, while revenue rose 13.1% year over year to $6.17 billion.
• The company continues to return cash to shareholders with a $1.70 quarterly dividend paid in May, equal to an annualized yield of about 3.2%; analysts remain broadly positive with a Moderate Buy consensus.

Stoneridge Investment Partners LLC boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 59.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 23,727 shares of the financial services provider's stock after purchasing an additional 8,818 shares during the quarter. The PNC Financial Services Group makes up 3.4% of Stoneridge Investment Partners LLC's investment portfolio, making the stock its 7th largest position. Stoneridge Investment Partners LLC's holdings in The PNC Financial Services Group were worth $4,953,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC boosted its holdings in The PNC Financial Services Group by 32.2% in the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares during the period. Empowered Funds LLC boosted its holdings in The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock valued at $1,452,000 after purchasing an additional 170 shares during the period. Sivia Capital Partners LLC boosted its holdings in The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after purchasing an additional 1,449 shares during the period. Treasurer of the State of North Carolina boosted its holdings in The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after purchasing an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC bought a new position in The PNC Financial Services Group in the 2nd quarter valued at $482,000. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $213.17 on Friday. The business has a 50 day moving average of $213.47 and a 200 day moving average of $210.57. The company has a market capitalization of $85.60 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 0.88 and a beta of 0.94. The PNC Financial Services Group, Inc has a 1-year low of $169.32 and a 1-year high of $243.94. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate 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 PNC Financial Services Group's quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.51 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group's payout ratio is 39.51%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PNC shares. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research report on Thursday, April 16th. TD Cowen lifted their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a research report on Tuesday, January 20th. Bank of America lifted their price target on 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. Jefferies Financial Group started coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a "buy" rating and a $250.00 price target for the company. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $243.11.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president directly owned 1,942 shares of the company's stock, valued at $448,563.16. The trade was a 79.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at $4,415,066.67. This trade represents a 18.49% 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 quarter. Company insiders own 0.38% of the company's stock.

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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