The PNC Financial Services Group, Inc $PNC Shares Sold by Morningstar Investment Management LLC

Key Points

• Morningstar Investment Management LLC cut its PNC stake by 96% in the fourth quarter, leaving it with 1,350 shares worth about $282,000 after selling 32,532 shares.
• PNC reported strong quarterly earnings of $4.32 per share, beating estimates, while revenue rose 13.1% year over year to $6.17 billion.
• The stock trades near $219.50 and offers a 3.1% dividend yield; analysts currently view it as a Moderate Buy with an average target price of $243.11.

Morningstar Investment Management LLC lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 96.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,350 shares of the financial services provider's stock after selling 32,532 shares during the period. Morningstar Investment Management LLC's holdings in The PNC Financial Services Group were worth $282,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Wealthquest Corp purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $234,000. Swedbank AB increased its position in shares of The PNC Financial Services Group by 189.6% in the fourth quarter. Swedbank AB now owns 645,848 shares of the financial services provider's stock worth $134,808,000 after acquiring an additional 422,830 shares in the last quarter. Life Cycle Investment Partners Ltd purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $28,629,000. Buckhead Capital Management LLC increased its position in shares of The PNC Financial Services Group by 2.8% in the fourth quarter. Buckhead Capital Management LLC now owns 8,131 shares of the financial services provider's stock worth $1,697,000 after acquiring an additional 219 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group by 6.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 7,350 shares of the financial services provider's stock worth $1,534,000 after acquiring an additional 427 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

PNC stock opened at $219.50 on Tuesday. 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 stock has a market cap of $88.14 billion, a P/E ratio of 12.75, a P/E/G ratio of 0.91 and a beta of 0.94. The firm has a 50 day simple moving average of $214.73 and a 200 day simple moving average of $212.21. The PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94.

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 EPS for the quarter, topping 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 firm's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period last year, the company posted $3.51 earnings per share. Research analysts anticipate 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 was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

Analyst Ratings Changes

Several research analysts have recently weighed in on PNC shares. JPMorgan Chase & Co. lifted their target price 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. Keefe, Bruyette & Woods lifted their target price 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 report on Thursday, April 16th. Morgan Stanley lifted their target price on shares of 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. Weiss Ratings reissued a "buy (b-)" rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Finally, Bank of America lifted 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $243.11.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

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.