International Assets Investment Management LLC grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 35.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,511 shares of the financial services provider’s stock after acquiring an additional 656 shares during the period. International Assets Investment Management LLC’s holdings in The PNC Financial Services Group were worth $319,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Retirement Financial Solutions LLC acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $25,000. Elequin Securities LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $28,000. Affiance Financial LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $32,000. AXS Investments LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $36,000. Finally, Ruedi Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at $37,000. 79.27% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on PNC. Keefe, Bruyette & Woods reduced their price target on The PNC Financial Services Group from $125.00 to $120.00 and set an “underperform” rating for the company in a research report on Monday, April 17th. StockNews.com initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, May 18th. They issued a “sell” rating for the company. JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $175.00 to $151.50 and set an “overweight” rating for the company in a report on Monday, April 10th. Royal Bank of Canada dropped their target price on The PNC Financial Services Group from $185.00 to $167.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Finally, Credit Suisse Group dropped their target price on The PNC Financial Services Group from $165.00 to $145.00 in a report on Tuesday, April 18th. Four research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $162.04.
Insider Buying and Selling
The PNC Financial Services Group Stock Performance
Shares of PNC stock opened at $127.54 on Tuesday. The PNC Financial Services Group, Inc. has a 1-year low of $110.31 and a 1-year high of $176.34. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $50.90 billion, a price-to-earnings ratio of 8.72, a P/E/G ratio of 1.13 and a beta of 1.13. The stock’s fifty day simple moving average is $122.04 and its 200-day simple moving average is $138.04.
The PNC Financial Services Group (NYSE:PNC – Free Report) last issued its quarterly earnings results on Friday, April 14th. The financial services provider reported $3.98 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.38. The business had revenue of $5.60 billion for the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 13.41% and a net margin of 23.95%. The PNC Financial Services Group’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.29 earnings per share. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.74 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Saturday, August 5th. Investors of record on Monday, July 17th will be issued a dividend of $1.55 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a dividend yield of 4.86%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 41.04%.
About The PNC Financial Services Group
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 certificates of 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.
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