Sterling Capital Management LLC Boosts Holdings in The PNC Financial Services Group, Inc $PNC

Sterling Capital Management LLC lifted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 453.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,295 shares of the financial services provider’s stock after buying an additional 40,389 shares during the period. Sterling Capital Management LLC’s holdings in The PNC Financial Services Group were worth $10,258,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group in the third quarter valued at $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at $29,000. Kemnay Advisory Services Inc. acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $32,000. Finally, EFG International AG purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $33,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $245.61 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market cap of $98.63 billion, a P/E ratio of 14.27, a P/E/G ratio of 1.01 and a beta of 0.92. The stock has a 50-day moving average of $224.53 and a two-hundred day moving average of $219.12. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $249.01.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter in the prior year, the company earned $3.51 earnings per share. The business’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were issued 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 2.8%. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on PNC shares. Royal Bank Of Canada reissued 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. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 target price for the company. Stephens started coverage on shares of The PNC Financial Services Group in a research report on Monday, June 15th. They set an “overweight” rating and a $265.00 price target for the company. Keefe, Bruyette & Woods boosted 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 research note on Thursday, April 16th. Finally, Oppenheimer increased their price objective on shares of 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. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $247.39.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock valued at $10,694,574 in the last 90 days. Company insiders own 0.38% of the company’s stock.

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.