Third View Private Wealth LLC Makes New $2.63 Million Investment in The PNC Financial Services Group, Inc $PNC

Third View Private Wealth LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 4th quarter, Holdings Channel.com reports. The fund purchased 12,600 shares of the financial services provider’s stock, valued at approximately $2,630,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp increased its stake in The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock worth $3,464,462,000 after acquiring an additional 85,291 shares during the last quarter. Capital International Investors increased its stake in The PNC Financial Services Group by 6.0% during the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after acquiring an additional 609,755 shares during the last quarter. Viking Global Investors LP increased its stake in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. AQR Capital Management LLC increased its stake in The PNC Financial Services Group by 32.6% during the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after acquiring an additional 1,086,941 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard Kevin Bynum sold 7,407 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total value of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 64,186 shares of company stock worth $14,840,973 in the last quarter. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $223.01 on Tuesday. The company has a market cap of $89.95 billion, a P/E ratio of 13.44, a PEG ratio of 1.01 and a beta of 0.96. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $148.28 and a one year high of $243.94. The business’s 50-day simple moving average is $217.00 and its 200 day simple moving average is $206.00.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The business had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same period last year, the business posted $3.77 EPS. The company’s revenue was up 9.1% on a year-over-year basis. On average, sell-side analysts forecast 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 will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Analysts Set New Price Targets

PNC has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Morgan Stanley dropped their price target on The PNC Financial Services Group from $283.00 to $263.00 and set an “equal weight” rating for the company in a research note on Tuesday, March 31st. JPMorgan Chase & Co. dropped their target price on The PNC Financial Services Group from $251.00 to $237.50 and set an “overweight” rating on the stock in a report on Tuesday, April 7th. TD Cowen raised their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Oppenheimer dropped their target price on The PNC Financial Services Group from $284.00 to $263.00 and set an “outperform” rating on the stock in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $237.53.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.