Sumitomo Mitsui Trust Group Inc. Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Sumitomo Mitsui Trust Group trimmed its stake in The PNC Financial Services Group by 3.6% in Q4, selling 35,592 shares and now holds 942,811 shares (about 0.24%) worth roughly $196.8 million.
• PNC beat quarterly estimates, reporting $4.88 EPS vs. $4.23 expected and $6.07 billion in revenue, and announced a $1.70 quarterly dividend (annualized $6.80, ~3.1% yield).
• Insider selling included CEO William Demchak’s sale of 50,000 shares (part of 64,186 shares sold over 90 days), yet analysts remain generally positive with a consensus "Moderate Buy" and an average price target of $237.53.

Sumitomo Mitsui Trust Group Inc. lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 942,811 shares of the financial services provider's stock after selling 35,592 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.24% of The PNC Financial Services Group worth $196,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in The PNC Financial Services Group by 12.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock valued at $11,621,000 after buying an additional 6,572 shares in the last quarter. US Bancorp DE increased its holdings in The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after buying an additional 34,009 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock valued at $369,169,000 after buying an additional 22,325 shares in the last quarter. National Pension Service increased its holdings in The PNC Financial Services Group by 2.5% in the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock valued at $215,113,000 after buying an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC increased its holdings in The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock valued at $17,672,000 after buying an additional 7,064 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 0.1%

PNC stock opened at $221.38 on Monday. The stock has a market capitalization of $89.30 billion, a P/E ratio of 13.34, a P/E/G ratio of 1.01 and a beta of 0.96. The firm has a 50-day simple moving average of $217.09 and a 200-day simple moving average of $205.86. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The PNC Financial Services Group, Inc has a 52 week low of $148.21 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts' consensus estimates of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analysts' expectations of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company's quarterly revenue was up 9.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.77 earnings per share. Equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th will be given a dividend of $1.70 per share. The ex-dividend date 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 payout ratio is presently 40.99%.

Analysts Set New Price Targets

A number of research firms have weighed in on PNC. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price objective for the company. TD Cowen lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, January 20th. Wells Fargo & Company lifted their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an "overweight" rating in a report on Tuesday, January 20th. Finally, Barclays lifted their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an "overweight" rating in a report on Monday, January 5th. 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $237.53.

Insider Buying and Selling at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the business's stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Profile

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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