The PNC Financial Services Group, Inc $PNC Shares Acquired by Equity Investment Corp

Equity Investment Corp lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% in the fourth quarter, HoldingsChannel reports. The firm owned 627,233 shares of the financial services provider’s stock after purchasing an additional 7,600 shares during the period. The PNC Financial Services Group accounts for 2.6% of Equity Investment Corp’s holdings, making the stock its 9th biggest position. Equity Investment Corp’s holdings in The PNC Financial Services Group were worth $130,922,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth about $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $29,000. Beacon Financial Strategies CORP acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $35,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth about $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth about $39,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.6%

Shares of PNC stock opened at $234.12 on Friday. The stock’s 50 day simple moving average is $220.29 and its 200 day simple moving average is $215.95. 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 PNC Financial Services Group, Inc has a twelve month low of $172.73 and a twelve month high of $243.94. The company has a market capitalization of $94.02 billion, a price-to-earnings ratio of 13.60, a PEG ratio of 0.96 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results 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 company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The company’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.51 EPS. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.9%. 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

A number of brokerages have commented on PNC. Oppenheimer raised their price objective on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Royal Bank Of Canada restated an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Citigroup raised their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Finally, Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $243.11.

Insider Activity at The PNC Financial Services Group

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

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.