Smithbridge Asset Management Inc. DE Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Smithbridge Asset Management Inc. DE lowered its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 6.9% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 4,746 shares of the financial services provider’s stock after selling 354 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in The PNC Financial Services Group were worth $885,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Massachusetts Financial Services Co. MA grew its position in shares of The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after acquiring an additional 1,964,157 shares during the period. Nuveen LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $306,905,000. Amundi boosted its holdings in shares of The PNC Financial Services Group by 76.1% during the 1st quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock worth $352,592,000 after purchasing an additional 944,731 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of The PNC Financial Services Group by 187.3% during the 1st quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock worth $245,055,000 after purchasing an additional 926,709 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of The PNC Financial Services Group by 41.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock worth $495,336,000 after purchasing an additional 830,440 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Wolfe Research restated a “peer perform” rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Bank of America boosted their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. Raymond James Financial boosted their target price on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, September 19th. Finally, Citigroup boosted their target price on The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Stock Down 2.3%

PNC stock opened at $178.18 on Friday. The firm has a market cap of $70.17 billion, a PE ratio of 11.51, a PEG ratio of 1.27 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.80 and a current ratio of 0.81. The firm’s 50 day moving average price is $198.30 and its 200-day moving average price is $183.78. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.49 EPS. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be given a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The PNC Financial Services Group’s payout ratio is presently 46.51%.

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.