Pinnacle Associates Ltd. grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 70,523 shares of the financial services provider’s stock after purchasing an additional 2,846 shares during the quarter. Pinnacle Associates Ltd.’s holdings in The PNC Financial Services Group were worth $14,720,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Berkeley Capital Partners LLC grew its holdings in shares of The PNC Financial Services Group by 11.5% during the fourth quarter. Berkeley Capital Partners LLC now owns 6,159 shares of the financial services provider’s stock valued at $1,286,000 after purchasing an additional 637 shares during the last quarter. Allworth Financial LP grew its holdings in shares of The PNC Financial Services Group by 87.3% during the fourth quarter. Allworth Financial LP now owns 53,140 shares of the financial services provider’s stock valued at $11,092,000 after purchasing an additional 24,773 shares during the last quarter. Rayburn West Financial Services LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $3,725,000. Mainsail Asset Management LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $240,000. Finally, Catalyst Financial Partners LLC grew its holdings in shares of The PNC Financial Services Group by 52.7% during the fourth quarter. Catalyst Financial Partners LLC now owns 2,337 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 807 shares during the last quarter. 83.53% of the stock is owned by institutional investors.
Analysts Set New Price Targets
PNC has been the subject of several recent research reports. Barclays upped their target price on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their target price on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Oppenheimer upped their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. Finally, Bank of America boosted their price objective on 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 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 company’s stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $243.11.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. This represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is currently owned by company insiders.
The PNC Financial Services Group Stock Performance
Shares of NYSE PNC opened at $209.80 on Thursday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The stock has a 50 day simple moving average of $213.47 and a 200-day simple moving average of $210.36. The company has a market cap of $84.25 billion, a PE ratio of 12.19, a P/E/G ratio of 0.89 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $169.32 and a 12-month high of $243.94.
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 earnings per share (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 the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.51 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.
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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