The PNC Financial Services Group, Inc $PNC Shares Acquired by Handelsbanken Fonder AB

Key Points

• Handelsbanken Fonder AB increased its PNC stake by 15.1% in the fourth quarter, buying 20,256 additional shares and bringing its total holdings to 154,661 shares worth about $32.3 million.
• PNC reported stronger-than-expected quarterly earnings of $4.32 per share, topping estimates, while revenue rose 13.1% year over year to $6.17 billion.
• Analysts remain broadly positive on the stock, with a consensus rating of “Moderate Buy” and an average price target of $243.11; PNC also pays a quarterly dividend that annualizes to $6.80 per share, or a 3.2% yield.

Handelsbanken Fonder AB grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 154,661 shares of the financial services provider's stock after purchasing an additional 20,256 shares during the quarter. Handelsbanken Fonder AB's holdings in The PNC Financial Services Group were worth $32,282,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Viking Global Investors LP raised its stake in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. Wellington Management Group LLP raised its stake in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider's stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the period. AQR Capital Management LLC raised its stake in The PNC Financial Services Group by 32.6% during the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider's stock worth $889,297,000 after acquiring an additional 1,086,941 shares during the period. Capital International Investors raised its stake in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock worth $2,177,318,000 after acquiring an additional 609,755 shares during the period. Finally, PFA Pension Forsikringsaktieselskab acquired a new stake in The PNC Financial Services Group during the fourth quarter worth about $123,940,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Down 0.2%

The PNC Financial Services Group stock opened at $213.24 on Wednesday. The firm has a 50 day simple moving average of $213.63 and a 200-day simple moving average of $211.19. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $85.63 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.89 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $169.32 and a 12-month high of $243.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $6.17 billion during the quarter, compared to analysts' expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business's revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm posted $3.51 earnings per share. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Analyst Upgrades and Downgrades

PNC has been the topic of several research reports. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a "buy" rating and a $250.00 price objective on the stock. Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Bank of America upped their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Finally, TD Cowen upped their target price on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $243.11.

Insider Activity

In other news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the transaction, the chief executive officer directly owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.38% of the stock is owned by company insiders.

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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