Zullo Investment Group Inc. grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating) by 39.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 764 shares of the financial services provider’s stock after buying an additional 215 shares during the period. Zullo Investment Group Inc.’s holdings in The PNC Financial Services Group were worth $141,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in PNC. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the fourth quarter worth $809,193,000. Capital Research Global Investors raised its holdings in shares of The PNC Financial Services Group by 10.7% in the fourth quarter. Capital Research Global Investors now owns 16,957,554 shares of the financial services provider’s stock worth $3,400,329,000 after buying an additional 1,639,724 shares during the last quarter. BlackRock Inc. raised its holdings in shares of The PNC Financial Services Group by 2.0% in the first quarter. BlackRock Inc. now owns 30,563,752 shares of the financial services provider’s stock worth $5,637,484,000 after buying an additional 589,293 shares during the last quarter. Ardevora Asset Management LLP purchased a new position in shares of The PNC Financial Services Group in the first quarter worth $106,169,000. Finally, State Street Corp increased its stake in shares of The PNC Financial Services Group by 2.8% in the fourth quarter. State Street Corp now owns 19,704,923 shares of the financial services provider’s stock worth $3,951,231,000 after acquiring an additional 536,564 shares during the period. Hedge funds and other institutional investors own 81.89% of the company’s stock.
The PNC Financial Services Group Stock Up 0.9 %
PNC stock opened at $164.34 on Friday. The firm has a market cap of $67.40 billion, a PE ratio of 12.86, a P/E/G ratio of 2.45 and a beta of 1.21. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.75 and a current ratio of 0.75. The firm’s fifty day moving average is $163.28 and its 200 day moving average is $170.40. The PNC Financial Services Group, Inc. has a one year low of $146.39 and a one year high of $228.14.
The PNC Financial Services Group (NYSE:PNC – Get Rating) last posted its quarterly earnings data on Friday, July 15th. The financial services provider reported $3.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.11 by $0.31. The business had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.13 billion. The PNC Financial Services Group had a net margin of 27.32% and a return on equity of 11.93%. The company’s revenue was up 9.6% compared to the same quarter last year. During the same period last year, the firm posted $4.50 earnings per share. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 14.49 EPS for the current year.
The PNC Financial Services Group Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, August 5th. Shareholders of record on Wednesday, July 13th were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 3.65%. The ex-dividend date was Tuesday, July 12th. The PNC Financial Services Group’s payout ratio is 46.95%.
Analysts Set New Price Targets
A number of analysts have recently weighed in on PNC shares. Raymond James lowered shares of The PNC Financial Services Group from an “outperform” rating to a “market perform” rating in a research note on Thursday, July 7th. Credit Suisse Group cut their price objective on shares of The PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a research note on Monday, July 18th. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating on the stock in a research note on Friday, July 1st. Evercore ISI set a $175.00 price objective on shares of The PNC Financial Services Group in a research note on Tuesday, July 19th. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $168.00 to $180.00 in a research note on Monday, July 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $197.63.
Insider Buying and Selling at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Michael P. Lyons sold 3,500 shares of the stock in a transaction on Tuesday, August 23rd. The shares were sold at an average price of $166.96, for a total transaction of $584,360.00. Following the transaction, the executive vice president now directly owns 174,651 shares of the company’s stock, valued at $29,159,730.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.34% of the company’s stock.
The PNC Financial Services Group Company Profile
(Get Rating)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company’s Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
Recommended Stories
Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating).
Receive News & Ratings for The PNC Financial Services Group Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for The PNC Financial Services Group and related companies with MarketBeat.com’s FREE daily email newsletter.
