Pinnacle Associates Ltd. Grows Stake in The PNC Financial Services Group, Inc $PNC

Pinnacle Associates Ltd. raised its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,523 shares of the financial services provider’s stock after purchasing an additional 2,846 shares during the quarter. Pinnacle Associates Ltd.’s holdings in The PNC Financial Services Group were worth $14,720,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Berkeley Capital Partners LLC raised its position in The PNC Financial Services Group by 11.5% in the fourth quarter. Berkeley Capital Partners LLC now owns 6,159 shares of the financial services provider’s stock valued at $1,286,000 after purchasing an additional 637 shares during the period. Allworth Financial LP raised its position in The PNC Financial Services Group by 87.3% in the fourth quarter. Allworth Financial LP now owns 53,140 shares of the financial services provider’s stock valued at $11,092,000 after purchasing an additional 24,773 shares during the period. Rayburn West Financial Services LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $3,725,000. Mainsail Asset Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $240,000. Finally, Catalyst Financial Partners LLC raised its position in The PNC Financial Services Group by 52.7% in the fourth quarter. Catalyst Financial Partners LLC now owns 2,337 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 807 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 2.5%

Shares of NYSE PNC opened at $209.80 on Thursday. The PNC Financial Services Group, Inc has a 1 year low of $169.32 and a 1 year high of $243.94. The firm has a market cap of $84.25 billion, a price-to-earnings ratio of 12.19, a PEG ratio of 0.89 and a beta of 0.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The stock’s 50-day simple moving average is $213.47 and its 200-day simple moving average is $210.36.

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

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Analysts Set New Price Targets

Several research firms have commented on PNC. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. TD Cowen raised their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Barclays raised their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Finally, Morgan Stanley raised 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 research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Louis Robert Cestello sold 4,279 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the completion of the sale, the executive vice president directly owned 18,867 shares of the company’s stock, valued at $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 50,000 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 64,186 shares of company stock valued at $14,840,973 in the last three months. Corporate insiders own 0.38% of the company’s stock.

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.