CenterBook Partners LP Takes Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

CenterBook Partners LP purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 4,287 shares of the financial services provider's stock, valued at approximately $827,000.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. Bessemer Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.2% during the 4th quarter. Bessemer Group Inc. now owns 67,942 shares of the financial services provider's stock worth $13,103,000 after purchasing an additional 799 shares in the last quarter. DRW Securities LLC acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $1,868,000. Azimuth Capital Investment Management LLC grew its position in The PNC Financial Services Group by 137.1% in the fourth quarter. Azimuth Capital Investment Management LLC now owns 51,935 shares of the financial services provider's stock worth $10,016,000 after acquiring an additional 30,030 shares in the last quarter. APG Asset Management N.V. acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $40,563,000. Finally, Advisory Services Network LLC raised its holdings in shares of The PNC Financial Services Group by 12.5% during the 4th quarter. Advisory Services Network LLC now owns 7,794 shares of the financial services provider's stock valued at $1,503,000 after purchasing an additional 866 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

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The PNC Financial Services Group Stock Performance

PNC stock traded up $2.92 during midday trading on Monday, hitting $154.91. The stock had a trading volume of 3,486,398 shares, compared to its average volume of 1,976,540. The firm has a market capitalization of $61.31 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 1.55 and a beta of 1.04. 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 stock has a 50-day simple moving average of $177.42 and a 200 day simple moving average of $190.02. The PNC Financial Services Group, Inc. has a 52 week low of $143.52 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, beating the consensus estimate of $3.26 by $0.51. 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 $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the previous year, the business earned $3.16 EPS. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 4.13%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio is currently 46.55%.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNC. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Stephens reissued an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their target price for the stock from $206.00 to $202.00 in a research report on Monday, March 31st. Morgan Stanley dropped their price target on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an "underweight" rating on the stock in a research report on Monday, April 7th. Finally, Wells Fargo & Company lowered their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Hold" and a consensus price target of $203.47.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, January 24th. The stock was sold at an average price of $196.17, for a total value of $243,643.14. Following the completion of the sale, the chief executive officer now directly owns 523,829 shares of the company's stock, valued at approximately $102,759,534.93. This trade represents a 0.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 13,061 shares of company stock worth $2,373,424. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Company 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.