Raymond James & Associates boosted its stake in PNC Financial Services Group Inc (NYSE:PNC) by 7.2% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 1,106,988 shares of the financial services provider’s stock after acquiring an additional 74,774 shares during the period. Raymond James & Associates’ holdings in PNC Financial Services Group were worth $135,784,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new stake in PNC Financial Services Group during the first quarter worth about $25,000. Field & Main Bank purchased a new stake in PNC Financial Services Group during the first quarter worth about $25,000. Executive Wealth Management LLC purchased a new stake in PNC Financial Services Group during the fourth quarter worth about $29,000. Transamerica Financial Advisors Inc. purchased a new stake in PNC Financial Services Group during the fourth quarter worth about $36,000. Finally, Athena Capital Advisors LLC purchased a new stake in PNC Financial Services Group during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 82.67% of the company’s stock.
PNC has been the topic of a number of recent research reports. Royal Bank of Canada cut their price target on shares of PNC Financial Services Group to $150.00 and set an “average” rating on the stock in a research note on Thursday, January 17th. Macquarie raised PNC Financial Services Group from a “neutral” rating to an “outperform” rating in a research report on Wednesday, March 6th. Deutsche Bank downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 price objective for the company. in a research report on Friday, January 25th. Credit Suisse Group reissued a “hold” rating and set a $146.00 price objective on shares of PNC Financial Services Group in a research report on Thursday, January 17th. Finally, Barclays boosted their price objective on PNC Financial Services Group from $156.00 to $157.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Twelve analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $143.63.
In other PNC Financial Services Group news, Director Martin Pfinsgraff purchased 500 shares of the stock in a transaction that occurred on Thursday, February 21st. The stock was purchased at an average cost of $125.69 per share, with a total value of $62,845.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Joseph E. Rockey sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $135.00, for a total value of $810,000.00. Following the completion of the transaction, the insider now directly owns 24,747 shares of the company’s stock, valued at $3,340,845. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.
Shares of PNC Financial Services Group stock traded down $1.01 on Wednesday, reaching $128.75. 24,777 shares of the company were exchanged, compared to its average volume of 1,592,943. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $58.36 billion, a PE ratio of 11.97, a P/E/G ratio of 1.49 and a beta of 1.09. PNC Financial Services Group Inc has a 1-year low of $108.45 and a 1-year high of $152.29.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, April 12th. The financial services provider reported $2.61 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $2.61. The firm had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.24 billion. PNC Financial Services Group had a return on equity of 11.20% and a net margin of 25.93%. During the same period in the prior year, the company posted $2.43 earnings per share. On average, sell-side analysts predict that PNC Financial Services Group Inc will post 11.35 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Tuesday, April 16th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Monday, April 15th. PNC Financial Services Group’s dividend payout ratio (DPR) is 35.48%.
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PNC Financial Services Group Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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