TIAA Trust National Association Grows Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• TIAA Trust National Association boosted its stake in PNC by 332.3% in the fourth quarter, ending with 76,995 shares valued at about $16.1 million.
• PNC reported stronger-than-expected earnings, posting $4.32 EPS versus the $3.92 estimate, while revenue rose 13.1% year over year to $6.17 billion.
• Analysts remain moderately bullish, with an average target price of $243.11 and a consensus rating of “Moderate Buy,” even as some insiders recently sold shares.

TIAA Trust National Association grew its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 332.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,995 shares of the financial services provider's stock after acquiring an additional 59,183 shares during the quarter. TIAA Trust National Association's holdings in The PNC Financial Services Group were worth $16,071,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the period. State Street Corp raised its stake in shares of The PNC Financial Services Group by 0.5% in the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider's stock valued at $3,464,462,000 after acquiring an additional 85,291 shares during the period. Capital International Investors raised its stake in shares of The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Norges Bank purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Finally, Geode Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 0.3% in the fourth 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 acquiring an additional 30,078 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 1.9%

PNC stock opened at $231.51 on Wednesday. The company has a market capitalization of $92.97 billion, a PE ratio of 13.45, a P/E/G ratio of 0.94 and a beta of 0.92. The PNC Financial Services Group, Inc has a 12 month low of $172.73 and a 12 month high of $243.94. The firm's 50-day moving average is $219.13 and its 200 day moving average is $215.28. 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 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 company had revenue of $6.17 billion for 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 firm's revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.51 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced 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 of this dividend 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 (DPR) is 39.51%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a research note on Thursday, April 16th. Bank of America increased their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Finally, Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $243.11.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm'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 directly owned 10,749 shares in the company, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.38% of the company's stock.

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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