The PNC Financial Services Group, Inc $PNC Shares Bought by Cerity Partners LLC

Key Points

• Cerity Partners LLC increased its stake in PNC by 87.8% in the fourth quarter, adding 210,245 shares to reach 449,781 shares valued at about $93.9 million.
• PNC reported better-than-expected quarterly earnings of $4.32 per share, beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The company also paid a quarterly dividend of $1.70 per share and has drawn a generally positive Wall Street view, with a consensus rating of Moderate Buy and an average price target of $243.11.

Cerity Partners LLC boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 87.8% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 449,781 shares of the financial services provider's stock after acquiring an additional 210,245 shares during the period. Cerity Partners LLC owned about 0.11% of The PNC Financial Services Group worth $93,883,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. LPL Financial LLC lifted its position in shares of The PNC Financial Services Group by 14.0% during the 4th quarter. LPL Financial LLC now owns 909,716 shares of the financial services provider's stock worth $189,885,000 after buying an additional 111,477 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of The PNC Financial Services Group by 0.9% during the 4th quarter. Franklin Resources Inc. now owns 8,031,778 shares of the financial services provider's stock worth $1,676,473,000 after buying an additional 71,606 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its position in shares of The PNC Financial Services Group by 1.5% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 157,941 shares of the financial services provider's stock worth $32,967,000 after buying an additional 2,277 shares during the last quarter. Manchester Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 17.1% during the 4th quarter. Manchester Capital Management LLC now owns 4,660 shares of the financial services provider's stock worth $973,000 after buying an additional 681 shares during the last quarter. Finally, Hilton Head Capital Partners LLC purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $157,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 1.9%

Shares of The PNC Financial Services Group stock opened at $231.51 on Wednesday. The company has a market cap of $92.97 billion, a P/E ratio of 13.45, a PEG ratio of 0.94 and a beta of 0.92. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a one year low of $172.73 and a one year high of $243.94. The firm has a fifty day moving average of $219.13 and a two-hundred day moving average of $215.28.

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

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PNC. JPMorgan Chase & Co. boosted 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 report on Thursday, April 30th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a "buy" rating and a $250.00 price objective for the company. Barclays boosted their price objective on shares of 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. Bank of America boosted their price objective 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, Royal Bank Of Canada restated an "outperform" rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $243.11.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by corporate 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.