Jennison Associates LLC Sells 114,615 Shares of The PNC Financial Services Group, Inc $PNC

Jennison Associates LLC reduced its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,220,014 shares of the financial services provider’s stock after selling 114,615 shares during the quarter. Jennison Associates LLC’s holdings in The PNC Financial Services Group were worth $254,654,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of The PNC Financial Services Group by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. State Street Corp raised its holdings in shares of The PNC Financial Services Group by 0.5% in the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock valued at $3,464,462,000 after acquiring an additional 85,291 shares in the last quarter. Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after acquiring an additional 609,755 shares in the last quarter. Viking Global Investors LP raised its holdings in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in shares of The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock valued at $889,297,000 after acquiring an additional 1,086,941 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the company’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total transaction of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares in the company, valued at $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 64,186 shares of company stock valued at $14,840,973. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $220.41 on Thursday. The company has a market capitalization of $88.91 billion, a PE ratio of 12.81, a P/E/G ratio of 0.92 and a beta of 0.96. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The company has a 50-day simple moving average of $214.05 and a two-hundred day simple moving average of $208.19. The PNC Financial Services Group, Inc has a one year low of $158.92 and a one year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $3.51 earnings per share. Research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be issued a $1.70 dividend. The ex-dividend date is Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Bank of America lifted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Oppenheimer lifted their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. TD Cowen boosted their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an “overweight” rating for the company in a report on Tuesday, April 7th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $241.69.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.