Alberta Investment Management Corp Invests $4.10 Million in PNC Financial Services Group Inc (NYSE:PNC)

Alberta Investment Management Corp purchased a new position in PNC Financial Services Group Inc (NYSE:PNC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 42,800 shares of the financial services provider’s stock, valued at approximately $4,097,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Moody Lynn & Lieberson LLC boosted its stake in shares of PNC Financial Services Group by 2.7% in the 4th quarter. Moody Lynn & Lieberson LLC now owns 2,743 shares of the financial services provider’s stock worth $438,000 after buying an additional 71 shares during the last quarter. Quest Capital Management Inc. ADV raised its holdings in PNC Financial Services Group by 2.0% in the 4th quarter. Quest Capital Management Inc. ADV now owns 3,599 shares of the financial services provider’s stock worth $575,000 after purchasing an additional 71 shares during the period. Savant Capital LLC raised its holdings in PNC Financial Services Group by 2.2% in the 4th quarter. Savant Capital LLC now owns 3,280 shares of the financial services provider’s stock worth $524,000 after purchasing an additional 72 shares during the period. ARGI Investment Services LLC raised its holdings in PNC Financial Services Group by 0.7% in the 4th quarter. ARGI Investment Services LLC now owns 10,586 shares of the financial services provider’s stock worth $1,623,000 after purchasing an additional 74 shares during the period. Finally, Quadrant Capital Management LLC raised its holdings in PNC Financial Services Group by 0.3% in the 4th quarter. Quadrant Capital Management LLC now owns 24,380 shares of the financial services provider’s stock worth $3,892,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 82.03% of the company’s stock.

Shares of NYSE:PNC opened at $103.19 on Friday. PNC Financial Services Group Inc has a 1 year low of $79.41 and a 1 year high of $161.79. The business has a 50 day simple moving average of $99.53 and a two-hundred day simple moving average of $132.70. The firm has a market capitalization of $44.29 billion, a PE ratio of 9.61, a price-to-earnings-growth ratio of 2.60 and a beta of 1.29. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.90 and a quick ratio of 0.89.

PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $1.95 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.24. PNC Financial Services Group had a return on equity of 10.16% and a net margin of 23.23%. The business had revenue of $4.52 billion during the quarter, compared to analyst estimates of $4.39 billion. During the same quarter in the previous year, the business earned $2.61 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. Equities research analysts expect that PNC Financial Services Group Inc will post 5.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Thursday, April 16th were given a dividend of $1.15 per share. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $4.60 annualized dividend and a dividend yield of 4.46%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.39%.

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $136.00 price target on the stock in a report on Wednesday, April 1st. Compass Point raised their price target on PNC Financial Services Group from $104.00 to $109.00 and gave the company a “neutral” rating in a report on Wednesday, May 13th. Morgan Stanley decreased their price target on PNC Financial Services Group from $107.00 to $98.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Wells Fargo & Co reissued a “buy” rating on shares of PNC Financial Services Group in a report on Monday, April 6th. Finally, Deutsche Bank decreased their price target on PNC Financial Services Group from $155.00 to $108.00 and set a “hold” rating on the stock in a report on Thursday, April 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and nine have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $126.67.

In other news, Director Andrew T. Feldstein purchased 10,535 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was purchased at an average price of $94.92 per share, for a total transaction of $999,982.20. Following the completion of the acquisition, the director now owns 53,158 shares of the company’s stock, valued at $5,045,757.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew T. Feldstein purchased 9,767 shares of the stock in a transaction that occurred on Monday, March 9th. The stock was purchased at an average price of $102.39 per share, with a total value of $1,000,043.13. Following the acquisition, the director now directly owns 42,623 shares of the company’s stock, valued at approximately $4,364,168.97. The disclosure for this purchase can be found here. Insiders have acquired 21,302 shares of company stock valued at $2,097,575 in the last 90 days. Company insiders own 0.30% of the company’s stock.

PNC Financial Services Group Company 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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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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