The PNC Financial Services Group, Inc $PNC Shares Acquired by Davis Selected Advisers

Key Points

• Davis Selected Advisers increased its PNC stake by 5.6% in Q4 to 530,089 shares worth about $110.6 million, and institutional investors now own roughly 83.5% of the stock.
• PNC beat quarterly EPS expectations with $4.32 per share (vs. $3.92 est.) and reported $6.17B in revenue (up 13.1% YoY), while analysts hold a "Moderate Buy" consensus with an average price target of $241.72.
• The bank declared a quarterly dividend of $1.70 ( $6.80 annualized, ~3.1% yield) and insiders sold about 64,186 shares over the last three months, including CEO William Demchak's sale of 50,000 shares.

Davis Selected Advisers lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 530,089 shares of the financial services provider's stock after buying an additional 28,272 shares during the period. Davis Selected Advisers owned approximately 0.14% of The PNC Financial Services Group worth $110,645,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in PNC. Brighton Jones LLC boosted its position in shares of The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after buying an additional 984 shares during the period. Empowered Funds LLC boosted its position in shares of The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC raised its holdings in The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after purchasing an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC acquired a new stake in The PNC Financial Services Group in the second quarter worth approximately $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $220.92 on Friday. The stock has a market capitalization of $89.11 billion, a P/E ratio of 12.84, a P/E/G ratio of 0.92 and a beta of 0.94. The PNC Financial Services Group, Inc has a 1 year low of $163.11 and a 1 year high of $243.94. The business's fifty day moving average is $213.91 and its two-hundred day moving average is $208.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83.

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

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group's dividend payout ratio is currently 39.51%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the company's stock in a transaction on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the company's stock in a transaction on Wednesday, February 18th. The shares were 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 represents a 18.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 over the last three months. Corporate insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on PNC shares. TD Cowen upped their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Oppenheimer upped their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Morgan Stanley upped their target price on The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Thursday, April 16th. Barclays upped their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $241.72.

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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