Jennison Associates LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,699,526 shares of the financial services provider's stock after buying an additional 90,792 shares during the quarter. Jennison Associates LLC owned approximately 0.43% of The PNC Financial Services Group worth $298,726,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its position in The PNC Financial Services Group by 0.9% during the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider's stock worth $1,288,000 after purchasing an additional 59 shares in the last quarter. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares in the last quarter. Cornerstone Planning Group LLC lifted its position in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 65 shares in the last quarter. Sandy Spring Bank lifted its position in shares of The PNC Financial Services Group by 1.4% in the fourth quarter. Sandy Spring Bank now owns 4,901 shares of the financial services provider's stock valued at $945,000 after acquiring an additional 67 shares in the last quarter. Finally, KCM Investment Advisors LLC lifted its position in shares of The PNC Financial Services Group by 3.9% in the fourth quarter. KCM Investment Advisors LLC now owns 1,828 shares of the financial services provider's stock valued at $353,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.
Insider Buying and Selling
In related news, Director Martin Pfinsgraff purchased 1,000 shares of the business's stock in a transaction dated Friday, April 25th. The stock was bought at an average cost of $158.22 per share, with a total value of $158,220.00. Following the completion of the acquisition, the director directly owned 2,009 shares in the company, valued at $317,863.98. The trade was a 99.11% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,545 shares of company stock worth $1,590,080 in the last quarter. Company insiders own 0.41% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently commented on the company. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their price target for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Citigroup raised their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Wells Fargo & Company cut their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating for the company in a research note on Friday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $212.76.
Check Out Our Latest Report on The PNC Financial Services Group
The PNC Financial Services Group Stock Performance
NYSE PNC opened at $195.95 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.81 and a debt-to-equity ratio of 1.05. The business's 50 day moving average is $181.79 and its two-hundred day moving average is $180.27. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The stock has a market capitalization of $77.51 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 1.54 and a beta of 1.07.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analysts' expectations 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 firm's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.39 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.47%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is currently 48.02%.
About The PNC Financial Services Group
(
Free Report)
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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