Red Cedar Investment Management LLC Buys 6,170 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Red Cedar Investment Management LLC grew its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 103.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,113 shares of the financial services provider's stock after acquiring an additional 6,170 shares during the quarter. Red Cedar Investment Management LLC's holdings in The PNC Financial Services Group were worth $2,336,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Exchange Traded Concepts LLC purchased a new position in shares of The PNC Financial Services Group during the third quarter worth $70,000. Creative Planning raised its position in shares of The PNC Financial Services Group by 8.7% during the 3rd quarter. Creative Planning now owns 75,927 shares of the financial services provider's stock worth $14,035,000 after acquiring an additional 6,055 shares in the last quarter. SeaCrest Wealth Management LLC lifted its position in The PNC Financial Services Group by 20.9% in the third quarter. SeaCrest Wealth Management LLC now owns 1,926 shares of the financial services provider's stock valued at $356,000 after acquiring an additional 333 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in The PNC Financial Services Group by 2.7% in the third quarter. Vontobel Holding Ltd. now owns 33,468 shares of the financial services provider's stock valued at $6,187,000 after buying an additional 887 shares during the last quarter. Finally, Good Life Advisors LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter worth $639,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, December 20th. The stock was sold at an average price of $189.29, for a total transaction of $235,098.18. Following the sale, the chief executive officer now directly owns 530,039 shares in the company, valued at approximately $100,331,082.31. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 13,662 shares of company stock worth $2,730,549 in the last ninety days. Corporate insiders own 0.42% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC traded down $2.33 during trading on Wednesday, reaching $194.19. 1,615,624 shares of the stock were exchanged, compared to its average volume of 2,210,520. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26. 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 moving average price of $196.73 and a 200-day moving average price of $191.47. The firm has a market cap of $77.05 billion, a PE ratio of 14.12, a PEG ratio of 1.56 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, topping analysts' consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The company had revenue of $5.57 billion during the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the previous year, the firm earned $3.16 EPS. The PNC Financial Services Group's revenue was up 3.8% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group's payout ratio is 46.55%.

Wall Street Analysts Forecast Growth

PNC has been the subject of several research analyst reports. Stephens reiterated an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research report on Friday, January 17th. The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a "neutral" rating in a research note on Friday, December 6th. Compass Point upped their price target on The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Finally, Morgan Stanley upped their price target on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an "underweight" rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $205.00.

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.