Red Cedar Investment Management LLC Purchases 6,170 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Red Cedar Investment Management LLC lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 103.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,113 shares of the financial services provider’s stock after purchasing an additional 6,170 shares during the quarter. Red Cedar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $2,336,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in PNC. Winch Advisory Services LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. increased its stake in The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 140 shares during the last quarter. Albion Financial Group UT bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $30,000. Synergy Asset Management LLC bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $37,000. 83.53% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $202.11, for a total transaction of $251,020.62. Following the completion of the sale, the chief executive officer now owns 522,587 shares in the company, valued at approximately $105,620,058.57. This represents a 0.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold a total of 13,662 shares of company stock worth $2,730,549 over the last 90 days. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Down 0.8 %

The PNC Financial Services Group stock opened at $193.91 on Friday. The business has a fifty day moving average of $197.40 and a two-hundred day moving average of $190.93. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market cap of $76.94 billion, a P/E ratio of 14.10, a P/E/G ratio of 1.64 and a beta of 1.16. The PNC Financial Services Group, Inc. has a twelve month low of $139.69 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.16 earnings per share. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 15.3 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 5th. Shareholders of record on Wednesday, January 15th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.30%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup upped their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, November 25th. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Morgan Stanley upped their target price on The PNC Financial Services Group from $199.00 to $208.00 and gave the company an “underweight” rating in a research note on Friday, January 17th. Finally, Barclays upped their target price on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $205.00.

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.