Perpetual Ltd Buys 438 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Perpetual Ltd grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 5.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,545 shares of the financial services provider’s stock after purchasing an additional 438 shares during the period. Perpetual Ltd’s holdings in The PNC Financial Services Group were worth $1,502,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Rialto Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Whipplewood Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $33,000. REAP Financial Group LLC raised its holdings in shares of The PNC Financial Services Group by 67.2% in the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after buying an additional 80 shares during the period. Hoey Investments Inc. purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $39,000. Finally, True Wealth Design LLC raised its holdings in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after buying an additional 59 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 0.2%

Shares of NYSE:PNC opened at $185.92 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The business’s fifty day simple moving average is $172.14 and its 200-day simple moving average is $180.35. The company has a market capitalization of $73.55 billion, a PE ratio of 13.13, a P/E/G ratio of 1.56 and a beta of 1.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.44%. The PNC Financial Services Group’s payout ratio is 45.20%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNC. Royal Bank Of Canada reduced their price target on 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. Barclays reduced their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. TD Cowen started coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 price objective on the stock. Finally, 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $202.67.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, May 2nd. The stock was sold at an average price of $163.16, for a total value of $202,644.72. Following the completion of the sale, the chief executive officer now owns 558,605 shares of the company’s stock, valued at $91,141,991.80. This trade represents a 0.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 11,428 shares of company stock valued at $1,882,322 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

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.