Canopy Partners LLC increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 42.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,212 shares of the financial services provider's stock after buying an additional 3,025 shares during the quarter. Canopy Partners LLC's holdings in The PNC Financial Services Group were worth $1,969,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Baltimore Washington Financial Advisors Inc. raised its holdings in The PNC Financial Services Group by 3.1% during the fourth 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 position in shares of The PNC Financial Services Group by 2.4% during 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 in the last quarter. Transcend Capital Advisors LLC grew its stake in shares of 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 during the period. Valmark Advisers Inc. increased its holdings in shares of The PNC Financial Services Group by 1.4% in 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 in the last quarter. Finally, Gilbert & Cook Inc. boosted its holdings in The PNC Financial Services Group by 2.1% during the fourth quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider's stock worth $537,000 after buying an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. Stephens restated an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a report on Friday, January 17th. Wells Fargo & Company dropped 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 research report on Friday, March 28th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Finally, Morgan Stanley reduced 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 report on Monday, April 7th. 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $203.47.
Check Out Our Latest Stock Report on The PNC Financial Services Group
The PNC Financial Services Group Trading Down 0.4 %
The PNC Financial Services Group stock traded down $0.59 during trading on Friday, hitting $151.57. The company's stock had a trading volume of 3,850,177 shares, compared to its average volume of 1,968,566. The stock's fifty day moving average is $178.30 and its 200 day moving average is $190.17. 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 PNC Financial Services Group, Inc. has a 1-year low of $143.52 and a 1-year high of $216.26. The stock has a market capitalization of $59.98 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 1.55 and a beta of 1.04.
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, topping the consensus estimate of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The business's quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company posted $3.16 EPS. As a group, equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a yield of 4.22%. The PNC Financial Services Group's payout ratio is 46.55%.
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 dated Friday, January 17th. The stock was sold at an average price of $198.00, for a total transaction of $245,916.00. Following the sale, the chief executive officer now directly owns 525,071 shares of the company's stock, valued at approximately $103,964,058. The trade was a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 12,420 shares of company stock valued at $2,276,870 over the last ninety days. Corporate insiders own 0.41% of the company's stock.
The PNC Financial Services Group Company Profile
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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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