The PNC Financial Services Group, Inc $PNC Shares Acquired by Global Retirement Partners LLC

Key Points

• Global Retirement Partners LLC boosted its stake in PNC by 41.4% in the fourth quarter, ending with 18,690 shares valued at about $3.9 million.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, topping estimates, while revenue rose 13.1% year over year to $6.17 billion.
• Wall Street remains constructive on the stock, with analysts giving PNC a Moderate Buy rating and an average price target of $243.11; the company also pays a quarterly dividend yielding about 3.1%.

Global Retirement Partners LLC increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 41.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 18,690 shares of the financial services provider's stock after acquiring an additional 5,473 shares during the quarter. Global Retirement Partners LLC's holdings in The PNC Financial Services Group were worth $3,901,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Mach 1 Financial Group LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth $1,306,000. Fi3 FINANCIAL ADVISORS LLC grew its holdings in shares of The PNC Financial Services Group by 4.8% in the 4th quarter. Fi3 FINANCIAL ADVISORS LLC now owns 2,466 shares of the financial services provider's stock worth $515,000 after acquiring an additional 113 shares during the last quarter. Leonteq Securities AG acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth $75,000. ABN Amro Investment Solutions grew its holdings in shares of The PNC Financial Services Group by 19.1% in the 4th quarter. ABN Amro Investment Solutions now owns 45,214 shares of the financial services provider's stock worth $9,438,000 after acquiring an additional 7,258 shares during the last quarter. Finally, IFP Advisors Inc grew its holdings in shares of The PNC Financial Services Group by 23.7% in the 4th quarter. IFP Advisors Inc now owns 7,087 shares of the financial services provider's stock worth $1,479,000 after acquiring an additional 1,356 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $219.50 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $169.32 and a 1-year high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $88.14 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.91 and a beta of 0.94. The stock's fifty day simple moving average is $214.39 and its 200-day simple moving average is $211.74.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the company posted $3.51 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 13.1% compared to the same quarter last year. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date was 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 39.51%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PNC shares. Barclays lifted their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Bank of America lifted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Weiss Ratings reiterated a "buy (b-)" rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Jefferies Financial Group started coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a "buy" rating and a $250.00 price target on the stock. Finally, Citigroup lifted their price target on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a report on Friday, May 8th. 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. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $243.11.

About The PNC Financial Services Group

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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