Fisher Asset Management LLC lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,026 shares of the financial services provider’s stock after selling 478 shares during the quarter. Fisher Asset Management LLC’s holdings in The PNC Financial Services Group were worth $639,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in shares of The PNC Financial Services Group in the 1st quarter worth $292,000. Virtu Financial LLC bought a new position in The PNC Financial Services Group in the first quarter valued at about $442,000. Csenge Advisory Group bought a new stake in The PNC Financial Services Group during the 1st quarter valued at approximately $260,000. Oldfather Financial Services LLC purchased a new position in shares of The PNC Financial Services Group in the 1st quarter worth approximately $229,000. Finally, Provident Trust Co. raised its position in The PNC Financial Services Group by 4.8% during the 1st quarter. Provident Trust Co. now owns 2,201,215 shares of the financial services provider’s stock valued at $279,774,000 after purchasing an additional 100,709 shares in the last quarter. 79.27% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have commented on PNC shares. Keefe, Bruyette & Woods reduced their target price on The PNC Financial Services Group from $125.00 to $120.00 and set an “underperform” rating for the company in a report on Monday, April 17th. Citigroup dropped their price target on shares of The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. StockNews.com began coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 18th. They set a “sell” rating on the stock. JPMorgan Chase & Co. dropped their price objective on shares of The PNC Financial Services Group from $175.00 to $151.50 and set an “overweight” rating on the stock in a report on Monday, April 10th. Finally, Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $186.00 to $176.00 in a report on Wednesday, July 19th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $161.65.
The PNC Financial Services Group Trading Up 1.8 %
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its quarterly earnings results on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.31 by $0.05. The PNC Financial Services Group had a net margin of 21.97% and a return on equity of 13.27%. The company had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.45 billion. During the same quarter in the previous year, the business earned $3.42 EPS. The firm’s revenue was up 3.5% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.58 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Saturday, August 5th. Stockholders of record on Monday, July 17th will be given a $1.55 dividend. The ex-dividend date of this dividend is Friday, July 14th. This represents a $6.20 annualized dividend and a dividend yield of 4.56%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s payout ratio is 42.49%.
Insiders Place Their Bets
In other The PNC Financial Services Group news, Director Bryan Scott Salesky acquired 400 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The shares were bought at an average price of $127.10 per share, with a total value of $50,840.00. Following the completion of the acquisition, the director now owns 410 shares in the company, valued at approximately $52,111. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.39% of the company’s stock.
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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