The PNC Financial Services Group, Inc $PNC Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs cut its stake in PNC by 21.9% in the fourth quarter, selling 758,570 shares and leaving it with 2.71 million shares valued at about $566 million.
• PNC posted stronger-than-expected earnings, reporting $4.32 EPS versus estimates of $3.92, while revenue rose 13.1% year over year to $6.17 billion.
• The company continues to return cash to shareholders with a quarterly dividend of $1.70 per share, equal to a 3.0% annualized yield, while analysts maintain a generally positive outlook with a “Moderate Buy” rating.

Goldman Sachs Group Inc. decreased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 21.9% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 2,711,544 shares of the financial services provider's stock after selling 758,570 shares during the period. Goldman Sachs Group Inc. owned approximately 0.69% of The PNC Financial Services Group worth $565,981,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. State Street Corp lifted its stake in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock worth $3,464,462,000 after purchasing an additional 85,291 shares during the last quarter. Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 6.0% in the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider's stock valued at $2,177,318,000 after buying an additional 609,755 shares during the period. Norges Bank acquired a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its position in The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $227.19 on Friday. 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 twelve month low of $172.73 and a twelve month high of $243.94. The firm's 50 day moving average price is $217.66 and its 200 day moving average price is $214.25. The firm has a market cap of $91.23 billion, a PE ratio of 13.20, a PEG ratio of 0.91 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS 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 analyst estimates of $6.21 billion. During the same quarter in the prior year, the firm posted $3.51 EPS. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. As a group, 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 paid a $1.70 dividend. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 39.51%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

PNC has been the subject of a number of analyst reports. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an "overweight" rating in a research note on Thursday, April 30th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price target on the stock. Bank of America lifted their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. Finally, Citigroup boosted their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target 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.

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.