The PNC Financial Services Group, Inc $PNC Stock Position Boosted by State Street Corp

State Street Corp boosted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 0.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,319,434 shares of the financial services provider’s stock after buying an additional 77,302 shares during the period. State Street Corp’s holdings in The PNC Financial Services Group were worth $3,615,085,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNC. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $29,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $35,000. JPL Wealth Management LLC bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $37,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the 3rd quarter valued at about $39,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $237.51 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $172.73 and a twelve month high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $95.38 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.97 and a beta of 0.92. The firm has a 50-day moving average of $220.85 and a two-hundred day moving average of $216.10.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the company earned $3.51 EPS. The PNC Financial Services Group’s revenue was up 13.1% on a year-over-year basis. As a group, analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio is currently 39.51%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on PNC shares. Keefe, Bruyette & Woods increased 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 research report on Thursday, April 16th. Citigroup increased their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Bank of America increased 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 research report on Thursday, April 16th. Morgan Stanley upped their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Finally, Oppenheimer upped their price target on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Company 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.