T. Rowe Price Investment Management Inc. raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 560.6% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 87,691 shares of the financial services provider's stock after purchasing an additional 74,416 shares during the period. T. Rowe Price Investment Management Inc.'s holdings in The PNC Financial Services Group were worth $16,912,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock valued at $7,273,794,000 after buying an additional 268,827 shares during the last quarter. Franklin Resources Inc. increased its stake in The PNC Financial Services Group by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after purchasing an additional 549,278 shares in the last quarter. Massachusetts Financial Services Co. MA increased 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 in the last quarter. Norges Bank purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Finally, Bank of New York Mellon Corp grew its stake 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 acquiring an additional 710,311 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In related news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $202.11, for a total value of $251,020.62. Following the transaction, the chief executive officer now owns 522,587 shares in the company, valued at approximately $105,620,058.57. This represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 12,420 shares of company stock worth $2,172,655 over the last quarter. Insiders own 0.41% of the company's stock.
The PNC Financial Services Group Stock Performance
NYSE PNC opened at $158.49 on Monday. The company has a market capitalization of $62.72 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a twelve month low of $145.12 and a twelve month high of $216.26. The stock has a fifty day simple moving average of $169.74 and a 200 day simple moving average of $188.32. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 4.04%. The PNC Financial Services Group's payout ratio is 45.20%.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on PNC shares. Barclays reduced their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group decreased their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Stephens restated an "equal weight" rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a report on Friday, January 17th. Royal Bank of Canada cut their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a report on Wednesday, April 16th. Finally, HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and decreased their target price for the company from $206.00 to $202.00 in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Hold" and an average price target of $200.88.
Read Our Latest Report on The PNC Financial Services Group
The PNC Financial Services Group Profile
(
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.
Further Reading
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