Delta Global Management LP Cuts Position in The PNC Financial Services Group, Inc $PNC

Delta Global Management LP lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 64.4% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 69,492 shares of the financial services provider’s stock after selling 125,880 shares during the quarter. Delta Global Management LP’s holdings in The PNC Financial Services Group were worth $14,505,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in The PNC Financial Services Group in the fourth quarter worth approximately $1,967,080,000. Viking Global Investors LP boosted its holdings in 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 worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Deutsche Bank AG boosted its holdings in The PNC Financial Services Group by 108.2% in the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after purchasing an additional 1,994,431 shares during the last quarter. Wellington Management Group LLP raised its position in The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after acquiring an additional 1,162,964 shares during the period. Finally, Capital International Investors raised its position in The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Morgan Stanley raised their price objective on shares of 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. Citigroup lifted their price target on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 8th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target on the stock. Finally, JPMorgan Chase & Co. lifted their price target on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $246.72.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $230.01 on Tuesday. 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 has a market capitalization of $92.36 billion, a PE ratio of 13.36, a PEG ratio of 0.99 and a beta of 0.92. The company has a 50 day moving average price of $221.21 and a 200-day moving average price of $216.56. The PNC Financial Services Group, Inc has a fifty-two week low of $172.88 and a fifty-two week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.51 EPS. Equities analysts predict 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 business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

About The PNC Financial Services Group

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.