Point72 Asia Singapore Pte. Ltd. Makes New $1.53 Million Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,921 shares of the financial services provider’s stock, valued at approximately $1,528,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Baltimore Washington Financial Advisors Inc. increased its stake in The PNC Financial Services Group by 3.1% in the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock worth $324,000 after purchasing an additional 51 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in The PNC Financial Services Group by 2.4% in the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock worth $434,000 after purchasing an additional 53 shares during the period. Transcend Capital Advisors LLC grew its position in The PNC Financial Services Group by 1.8% during the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock worth $616,000 after purchasing an additional 55 shares in the last quarter. Valmark Advisers Inc. raised its stake in The PNC Financial Services Group by 1.4% during the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock valued at $773,000 after purchasing an additional 56 shares during the period. Finally, Gilbert & Cook Inc. lifted its holdings in shares of The PNC Financial Services Group by 2.1% in the fourth quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider’s stock valued at $537,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PNC. HSBC upgraded 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 research report on Monday, March 31st. Wells Fargo & Company decreased their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating for the company in a report on Friday, March 28th. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Barclays decreased their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus price target of $200.88.

Insiders Place Their Bets

In other news, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now directly owns 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $190.18, for a total value of $236,203.56. Following the transaction, the chief executive officer now owns 569,783 shares of the company’s stock, valued at $108,361,330.94. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,396 shares of company stock worth $2,789,603 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $178.04 on Thursday. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a market cap of $70.43 billion, a P/E ratio of 12.95, a P/E/G ratio of 1.55 and a beta of 1.06. The business’s 50 day moving average is $164.57 and its two-hundred day moving average is $186.36. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 3.59%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 45.20%.

The PNC Financial Services Group Profile

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.