Concurrent Investment Advisors LLC lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 45.6% in the third quarter, Holdings Channel reports. The fund owned 6,413 shares of the financial services provider’s stock after purchasing an additional 2,009 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,185,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Norden Group LLC raised its holdings in The PNC Financial Services Group by 52.6% during the 1st quarter. Norden Group LLC now owns 2,630 shares of the financial services provider’s stock valued at $425,000 after buying an additional 907 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of The PNC Financial Services Group by 2.2% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 37,512 shares of the financial services provider’s stock worth $6,062,000 after acquiring an additional 810 shares during the last quarter. AIA Group Ltd purchased a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $651,000. Empowered Funds LLC boosted its stake in shares of The PNC Financial Services Group by 8.7% during the 1st quarter. Empowered Funds LLC now owns 5,322 shares of the financial services provider’s stock worth $860,000 after purchasing an additional 426 shares during the period. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in The PNC Financial Services Group in the 1st quarter worth about $441,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have issued reports on the company. Evercore ISI boosted their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Royal Bank of Canada increased their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. UBS Group upped their price target on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Barclays lifted their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $185.71.
Check Out Our Latest Report on The PNC Financial Services Group
Insiders Place Their Bets
In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $189.50, for a total value of $235,359.00. Following the completion of the transaction, the chief executive officer now owns 543,523 shares of the company’s stock, valued at approximately $102,997,608.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $189.50, for a total value of $235,359.00. Following the transaction, the chief executive officer now directly owns 543,523 shares of the company’s stock, valued at approximately $102,997,608.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now directly owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,279 shares of company stock valued at $2,442,673. Insiders own 0.42% of the company’s stock.
The PNC Financial Services Group Stock Performance
Shares of PNC stock opened at $203.98 on Friday. The PNC Financial Services Group, Inc. has a 12-month low of $118.56 and a 12-month high of $205.20. The business’s fifty day simple moving average is $185.53 and its 200-day simple moving average is $170.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The company has a market cap of $80.94 billion, a PE ratio of 17.24, a PEG ratio of 2.17 and a beta of 1.13.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $3.60 EPS. Analysts expect that The PNC Financial Services Group, Inc. will post 13.41 earnings per share for the current fiscal year.
The PNC Financial Services Group Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.
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.
See Also
Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report).
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