LPL Financial LLC increased its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 705,395 shares of the financial services provider's stock after buying an additional 45,792 shares during the quarter. LPL Financial LLC owned about 0.18% of The PNC Financial Services Group worth $123,987,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of PNC. Massachusetts Financial Services Co. MA boosted its stake in The PNC Financial Services Group by 26.1% during 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 purchasing an additional 1,964,157 shares during the period. Leigh Baldwin & CO. LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $299,864,000. GAMMA Investing LLC lifted its position in shares of The PNC Financial Services Group by 19,279.5% during the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the period. Northern Trust Corp lifted its position in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after buying an additional 608,375 shares during the period. Finally, ExodusPoint Capital Management LP bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $74,936,000. Institutional investors and hedge funds own 83.53% of the company's stock.
The PNC Financial Services Group Stock Performance
The PNC Financial Services Group stock traded down $0.93 during trading hours on Wednesday, reaching $192.44. 1,544,873 shares of the stock were exchanged, compared to its average volume of 2,536,787. The stock has a market cap of $76.12 billion, a P/E ratio of 13.16, a P/E/G ratio of 1.44 and a beta of 1.07. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. 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 is $184.89 and its 200 day moving average is $180.31.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.39 EPS. 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.53%. The ex-dividend date of this dividend is Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on the company. Citigroup raised their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. reduced their target price on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Oppenheimer upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price on the stock in a report on Wednesday. The Goldman Sachs Group lifted their target price 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. Finally, Barclays reduced their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $214.17.
Check Out Our Latest Analysis on The PNC Financial Services Group
Insider Transactions at The PNC Financial Services Group
In other news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated 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 owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,460 shares of company stock valued at $1,103,563 in the last quarter. Insiders own 0.41% of the company's stock.
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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