Trexquant Investment LP Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Trexquant Investment LP raised its position in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 110.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,523 shares of the financial services provider's stock after purchasing an additional 20,239 shares during the quarter. Trexquant Investment LP's holdings in The PNC Financial Services Group were worth $7,429,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Winch Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $25,000. Richardson Financial Services Inc. lifted its position in The PNC Financial Services Group by 2,333.3% in the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider's stock valued at $28,000 after buying an additional 140 shares during the last quarter. Albion Financial Group UT purchased a new position in The PNC Financial Services Group during the fourth quarter worth about $30,000. Rialto Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at about $32,000. Finally, Synergy Asset Management LLC purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the subject of several research reports. JPMorgan Chase & Co. dropped 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 report on Thursday, April 3rd. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Wells Fargo & Company dropped their target price 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. The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 19th. Finally, Stephens restated an "equal weight" rating and issued a $200.00 price target on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Hold" and an average price target of $203.47.

Remove Ads

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC traded up $10.34 during trading hours on Wednesday, reaching $160.10. The stock had a trading volume of 5,593,753 shares, compared to its average volume of 1,949,037. The firm has a market cap of $63.36 billion, a price-to-earnings ratio of 11.64, a PEG ratio of 1.55 and a beta of 1.04. The PNC Financial Services Group, Inc. has a fifty-two week low of $143.52 and a fifty-two week high of $216.26. The firm has a 50-day moving average of $180.16 and a 200-day moving average of $190.61. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.26 by $0.51. The business had revenue of $5.57 billion for the quarter, compared to analysts' expectations of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.16 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business 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 dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 4.00%. The ex-dividend date is Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio is presently 46.55%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the company's stock in a transaction on Friday, April 4th. The stock was sold at an average price of $155.27, for a total transaction of $99,528.07. Following the transaction, the chief executive officer now owns 564,174 shares of the company's stock, valued at $87,599,296.98. This represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last quarter, insiders sold 13,061 shares of company stock worth $2,420,267. Company insiders own 0.41% of the company's stock.

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.