Brookmont Capital Management raised its position in PNC Financial Services Group Inc (NYSE:PNC) by 36.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,952 shares of the financial services provider’s stock after acquiring an additional 6,175 shares during the quarter. Brookmont Capital Management’s holdings in PNC Financial Services Group were worth $3,312,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in PNC. Crewe Advisors LLC bought a new position in shares of PNC Financial Services Group in the fourth quarter valued at about $134,000. Resources Investment Advisors Inc. increased its position in PNC Financial Services Group by 130.7% during the fourth quarter. Resources Investment Advisors Inc. now owns 1,059 shares of the financial services provider’s stock worth $153,000 after acquiring an additional 600 shares during the period. Signature Estate & Investment Advisors LLC acquired a new stake in PNC Financial Services Group during the fourth quarter worth about $157,000. Legacy Advisors LLC acquired a new stake in PNC Financial Services Group during the third quarter worth about $136,000. Finally, Capital Guardian Trust Co. acquired a new stake in PNC Financial Services Group during the third quarter worth about $154,000. Hedge funds and other institutional investors own 82.34% of the company’s stock.
In other news, insider Michael J. Hannon sold 8,011 shares of the firm’s stock in a transaction on Wednesday, January 17th. The stock was sold at an average price of $154.20, for a total transaction of $1,235,296.20. Following the completion of the transaction, the insider now directly owns 58,820 shares in the company, valued at $9,070,044. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Q. Reilly sold 19,576 shares of the stock in a transaction on Friday, December 15th. The shares were sold at an average price of $145.51, for a total value of $2,848,503.76. Following the sale, the insider now directly owns 103,299 shares in the company, valued at $15,031,037.49. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 12th. The financial services provider reported $2.29 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.09. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.15 billion. PNC Financial Services Group had a return on equity of 9.51% and a net margin of 29.60%. The firm’s revenue was up 10.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.97 earnings per share. sell-side analysts forecast that PNC Financial Services Group Inc will post 10.44 EPS for the current year.
PNC has been the topic of a number of analyst reports. ValuEngine downgraded shares of PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Wednesday, January 10th. Zacks Investment Research upgraded shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $164.00 target price on the stock in a research report on Tuesday, December 26th. Royal Bank of Canada lifted their target price on shares of PNC Financial Services Group to $170.00 and gave the stock an “average” rating in a research report on Friday, January 12th. Barclays raised their price target on shares of PNC Financial Services Group from $139.00 to $168.00 and gave the stock an “equal weight” rating in a report on Tuesday, January 2nd. Finally, Goldman Sachs Group lowered shares of PNC Financial Services Group from a “conviction-buy” rating to a “buy” rating in a report on Thursday, January 4th. Nineteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $146.89.
About PNC Financial Services Group
The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.
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