VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 73.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,400 shares of the financial services provider’s stock after acquiring an additional 2,700 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in The PNC Financial Services Group were worth $1,336,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Empire Life Investments Inc. increased its holdings in shares of The PNC Financial Services Group by 8.7% during the fourth quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock valued at $45,319,000 after acquiring an additional 17,418 shares in the last quarter. Valley Wealth Managers Inc. increased its holdings in shares of The PNC Financial Services Group by 0.7% during the fourth quarter. Valley Wealth Managers Inc. now owns 24,864 shares of the financial services provider’s stock valued at $5,190,000 after acquiring an additional 172 shares in the last quarter. Meridian Wealth Management LLC increased its holdings in shares of The PNC Financial Services Group by 4.6% during the fourth quarter. Meridian Wealth Management LLC now owns 6,894 shares of the financial services provider’s stock valued at $1,439,000 after acquiring an additional 303 shares in the last quarter. Money Concepts Capital Corp increased its holdings in shares of The PNC Financial Services Group by 7.6% during the fourth quarter. Money Concepts Capital Corp now owns 1,892 shares of the financial services provider’s stock valued at $395,000 after acquiring an additional 134 shares in the last quarter. Finally, Bailard Inc. increased its holdings in shares of The PNC Financial Services Group by 0.5% during the fourth quarter. Bailard Inc. now owns 50,824 shares of the financial services provider’s stock valued at $10,609,000 after acquiring an additional 272 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on PNC. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. TD Cowen increased their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Jefferies Financial Group began coverage on The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Finally, Oppenheimer increased their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $243.11.
The PNC Financial Services Group Trading Down 0.1%
The PNC Financial Services Group stock opened at $213.17 on Friday. 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, Inc has a one year low of $169.32 and a one year high of $243.94. The stock has a market capitalization of $85.60 billion, a PE ratio of 12.39, a price-to-earnings-growth ratio of 0.88 and a beta of 0.94. The business’s fifty day moving average is $213.47 and its 200 day moving average is $210.57.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results 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 for the quarter, compared to analysts’ expectations 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 for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the firm posted $3.51 earnings per share. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.
The PNC Financial Services Group Announces Dividend
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 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 18,867 shares of the company’s stock, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. The trade was a 79.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. Company insiders own 0.38% of the company’s stock.
About The PNC Financial Services Group
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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