New England Asset Management Inc. Trims Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

New England Asset Management Inc. decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 21,065 shares of the financial services provider’s stock after selling 2,890 shares during the quarter. New England Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $4,062,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Leigh Baldwin & CO. LLC purchased a new position in The PNC Financial Services Group during the fourth quarter worth approximately $299,864,000. Logan Capital Management Inc. lifted its position in The PNC Financial Services Group by 1.2% during the fourth quarter. Logan Capital Management Inc. now owns 30,975 shares of the financial services provider’s stock worth $5,973,000 after buying an additional 363 shares in the last quarter. LRI Investments LLC lifted its position in The PNC Financial Services Group by 6.8% during the fourth quarter. LRI Investments LLC now owns 4,562 shares of the financial services provider’s stock worth $880,000 after buying an additional 292 shares in the last quarter. Lighthouse Investment Partners LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at $17,289,000. Finally, Janus Henderson Group PLC grew its holdings in shares of The PNC Financial Services Group by 18.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,632,643 shares of the financial services provider’s stock worth $314,893,000 after purchasing an additional 259,027 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 5.0%

PNC opened at $174.79 on Tuesday. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a market capitalization of $69.14 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.55 and a beta of 1.06. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The business has a fifty day moving average price of $164.63 and a 200 day moving average price of $186.48.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 45.20%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Martin Pfinsgraff bought 1,000 shares of the business’s stock in a transaction dated Friday, April 25th. The shares were acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director now owns 2,009 shares of the company’s stock, valued at approximately $317,863.98. The trade was a 99.11% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $192.45, for a total value of $239,022.90. Following the sale, the chief executive officer now directly owns 571,025 shares in the company, valued at $109,893,761.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,662 shares of company stock valued at $2,322,006. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PNC. Wells Fargo & Company reduced their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. Keefe, Bruyette & Woods reduced their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a report on Wednesday, April 16th. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and reduced their price objective for the company from $206.00 to $202.00 in a report on Monday, March 31st. Morgan Stanley reduced their price objective on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a report on Thursday, April 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $200.88.

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 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.