Forsta AP Fonden Decreases Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Forsta AP Fonden has reduced its stake in The PNC Financial Services Group by 5.6%, now holding 120,400 shares valued at approximately $21.16 million.
• PNC recently announced an increase in its quarterly dividend to $1.70 per share, representing a yield of 3.6% based on an annualized amount of $6.80.
• The company reported earnings of $3.85 EPS for the latest quarter, exceeding analysts' estimates by $0.29, alongside a year-over-year revenue increase of 4.6% to $3.01 billion.

Forsta AP Fonden reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 120,400 shares of the financial services provider's stock after selling 7,200 shares during the period. Forsta AP Fonden's holdings in The PNC Financial Services Group were worth $21,163,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Cornerstone Planning Group LLC raised its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $35,000. REAP Financial Group LLC raised its stake in The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC raised its stake in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $41,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on PNC shares. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Citigroup boosted their target price on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. TD Cowen started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price for the company. Finally, The Goldman Sachs Group boosted their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $214.17.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company'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 transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 1.4%

Shares of NYSE:PNC traded up $2.70 during trading on Tuesday, reaching $191.23. 1,679,222 shares of the stock were exchanged, compared to its average volume of 2,363,384. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market cap of $75.31 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The firm's 50-day moving average price is $187.66 and its 200 day moving average price is $179.66.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. During the same quarter in the previous year, the business earned $3.39 EPS. The company's revenue for the quarter was up 4.6% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. 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 (DPR) is currently 46.51%.

About The PNC Financial Services Group

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.