Applied Finance Capital Management LLC cut its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 54.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,948 shares of the financial services provider's stock after selling 5,829 shares during the period. Applied Finance Capital Management LLC's holdings in The PNC Financial Services Group were worth $954,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors also recently modified their holdings of PNC. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $1,352,151,000. Schroder Investment Management Group lifted its holdings in The PNC Financial Services Group by 166.1% in the 4th quarter. Schroder Investment Management Group now owns 1,378,675 shares of the financial services provider's stock worth $265,436,000 after purchasing an additional 860,554 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in The PNC Financial Services Group by 10.7% in 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 purchasing an additional 726,115 shares during the period. Bank of New York Mellon Corp grew its holdings in The PNC Financial Services Group by 22.5% during the 4th quarter. Bank of New York Mellon Corp now owns 3,870,548 shares of the financial services provider's stock valued at $746,435,000 after buying an additional 710,311 shares in the last quarter. Finally, Franklin Resources Inc. raised its position in shares of The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after buying an additional 549,278 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.
The PNC Financial Services Group Stock Down 0.4 %
NYSE PNC traded down $0.59 on Friday, reaching $151.57. 3,850,177 shares of the stock traded hands, compared to its average volume of 1,968,566. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The company has a fifty day moving average price of $178.30 and a 200-day moving average price of $190.17. The company has a market cap of $59.98 billion, a price-to-earnings ratio of 11.02, a PEG ratio of 1.55 and a beta of 1.04.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the firm earned $3.16 earnings per share. The firm's revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, research 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 4.22%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.55%.
Insiders Place Their Bets
In other The PNC Financial Services Group news, CEO William S. Demchak sold 601 shares of the stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total value of $96,160.00. Following the completion of the sale, the chief executive officer now directly owns 563,573 shares in the company, valued at approximately $90,171,680. This trade represents a 0.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 12,420 shares of company stock worth $2,276,870 over the last 90 days. Company insiders own 0.41% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently weighed in on PNC shares. JPMorgan Chase & Co. cut their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating for the company in a research note on Thursday, April 3rd. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Stephens reiterated an "equal weight" rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Wells Fargo & Company cut their price target on 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. Finally, Citigroup decreased their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $203.47.
View Our Latest Report 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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