Handelsbanken Fonder AB Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Handelsbanken Fonder AB boosted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 22.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 127,561 shares of the financial services provider’s stock after acquiring an additional 23,184 shares during the quarter. Handelsbanken Fonder AB’s holdings in The PNC Financial Services Group were worth $19,753,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PNC. International Assets Investment Management LLC boosted its holdings in The PNC Financial Services Group by 73.2% during the 3rd quarter. International Assets Investment Management LLC now owns 4,118 shares of the financial services provider’s stock valued at $502,000 after acquiring an additional 1,740 shares during the period. IFP Advisors Inc boosted its stake in shares of The PNC Financial Services Group by 35.8% in the 3rd quarter. IFP Advisors Inc now owns 3,742 shares of the financial services provider’s stock valued at $459,000 after buying an additional 987 shares during the period. Summit Global Investments boosted its stake in shares of The PNC Financial Services Group by 89.3% in the 3rd quarter. Summit Global Investments now owns 3,564 shares of the financial services provider’s stock valued at $438,000 after buying an additional 1,681 shares during the period. Fifth Third Wealth Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 23.8% in the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 2,304 shares of the financial services provider’s stock valued at $283,000 after buying an additional 443 shares during the period. Finally, DAVENPORT & Co LLC boosted its stake in shares of The PNC Financial Services Group by 5.7% in the 3rd quarter. DAVENPORT & Co LLC now owns 32,582 shares of the financial services provider’s stock valued at $4,000,000 after buying an additional 1,746 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $155.93 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The stock has a 50 day moving average of $152.03 and a two-hundred day moving average of $142.51. The stock has a market cap of $62.03 billion, a P/E ratio of 13.09, a P/E/G ratio of 1.72 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. During the same quarter in the previous year, the business earned $3.98 earnings per share. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be paid a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 3.98%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 52.06%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PNC. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. UBS Group lifted their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Evercore ISI decreased their target price on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Finally, StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $156.63.

The PNC Financial Services Group Company Profile

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 time 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.