USA Financial Formulas cut its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 68.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,260 shares of the financial services provider's stock after selling 2,760 shares during the quarter. USA Financial Formulas' holdings in The PNC Financial Services Group were worth $221,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of The PNC Financial Services Group by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock worth $7,273,794,000 after buying an additional 268,827 shares in the last quarter. Franklin Resources Inc. raised its position in shares of The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after buying an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after buying an additional 726,115 shares in the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $1,352,151,000. Finally, Northern Trust Corp raised its position in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after buying an additional 608,375 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.
The PNC Financial Services Group Price Performance
NYSE:PNC traded down $4.56 during mid-day trading on Friday, hitting $173.18. The company's stock had a trading volume of 1,727,076 shares, compared to its average volume of 2,063,502. The PNC Financial Services Group, Inc. has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $68.50 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.55 and a beta of 1.06. The stock has a fifty day moving average of $167.04 and a 200-day moving average of $182.23.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The company had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio is currently 45.20%.
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now owns 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, March 28th. The stock was sold at an average price of $174.78, for a total transaction of $217,076.76. Following the sale, the chief executive officer now directly owns 564,815 shares of the company's stock, valued at $98,718,365.70. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 13,912 shares of company stock valued at $2,313,022 over the last quarter. Corporate insiders own 0.41% of the company's stock.
Analysts Set New Price Targets
PNC has been the topic of a number of recent analyst reports. Citigroup dropped their price target on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a research report on Monday, March 24th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. JPMorgan Chase & Co. lowered their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Finally, Keefe, Bruyette & Woods decreased their price target on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $202.67.
Get Our Latest Stock Analysis on The PNC Financial Services Group
About The PNC Financial Services Group
(
Free Report)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
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