Gabelli Funds LLC Reduces Position in The PNC Financial Services Group, Inc $PNC

Gabelli Funds LLC lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.2% in the 4th quarter, Holdings Channel reports. The fund owned 198,650 shares of the financial services provider’s stock after selling 6,500 shares during the quarter. Gabelli Funds LLC’s holdings in The PNC Financial Services Group were worth $41,464,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Quarry LP acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Westfuller Advisors LLC acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $34,000. Beacon Financial Strategies CORP acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $35,000. JPL Wealth Management LLC acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Finally, Financial Life Planners acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of several recent analyst reports. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. TD Cowen boosted their target price on shares of 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. Royal Bank Of Canada reiterated an “outperform” rating and issued a $235.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Bank of America boosted their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $243.11.

Insider Activity at The PNC Financial Services Group

In other news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This represents a 79.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 64,186 shares of company stock valued at $14,840,973. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $213.17 on Monday. The firm’s 50 day moving average price is $213.47 and its 200-day moving average price is $210.75. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a one year low of $169.32 and a one year high of $243.94. The firm has a market cap of $85.60 billion, a P/E ratio of 12.39, a P/E/G ratio of 0.88 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the prior year, the business posted $3.51 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is currently 39.51%.

The PNC Financial Services Group Profile

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.