Clifford Swan Investment Counsel LLC bought a new position in PNC Financial Services (NYSE:PNC) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,329 shares of the financial services provider’s stock, valued at approximately $201,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. BlackRock Inc. lifted its position in PNC Financial Services by 1.5% in the fourth quarter. BlackRock Inc. now owns 28,181,864 shares of the financial services provider’s stock worth $4,066,361,000 after purchasing an additional 402,904 shares during the period. Assenagon Asset Management S.A. lifted its position in PNC Financial Services by 539.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 423,671 shares of the financial services provider’s stock worth $61,131,000 after purchasing an additional 357,466 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in PNC Financial Services by 114.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 660,136 shares of the financial services provider’s stock worth $95,251,000 after purchasing an additional 352,636 shares during the period. Discovery Capital Management LLC CT acquired a new stake in PNC Financial Services in the fourth quarter worth approximately $37,421,000. Finally, Millennium Management LLC lifted its position in PNC Financial Services by 537.7% in the fourth quarter. Millennium Management LLC now owns 292,243 shares of the financial services provider’s stock worth $42,168,000 after purchasing an additional 246,414 shares during the period. Hedge funds and other institutional investors own 82.86% of the company’s stock.
Shares of NYSE:PNC opened at $150.65 on Friday. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.92 and a current ratio of 0.93. PNC Financial Services has a 12-month low of $149.22 and a 12-month high of $150.73. The firm has a market cap of $70.80 billion, a price-to-earnings ratio of 17.72, a PEG ratio of 1.42 and a beta of 0.91.
The company also recently announced a quarterly dividend, which was paid on Saturday, May 5th. Shareholders of record on Monday, April 16th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, April 13th. PNC Financial Services’s dividend payout ratio (DPR) is currently 35.29%.
PNC has been the subject of a number of research analyst reports. Morgan Stanley upped their target price on PNC Financial Services from $165.00 to $168.00 and gave the stock an “equal weight” rating in a research report on Friday, February 2nd. Bank of America upped their target price on PNC Financial Services from $160.00 to $166.00 and gave the stock a “buy” rating in a research report on Tuesday, March 13th. Susquehanna Bancshares set a $147.00 price objective on PNC Financial Services and gave the company a “hold” rating in a research report on Tuesday, April 10th. Zacks Investment Research downgraded PNC Financial Services from a “buy” rating to a “hold” rating in a research report on Tuesday, February 27th. Finally, BMO Capital Markets reiterated a “buy” rating on shares of PNC Financial Services in a research report on Thursday, January 25th. Nineteen analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $149.36.
PNC Financial Services Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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