PNC Financial Services Group Inc (PNC) Holdings Cut by Tower Bridge Advisors

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Tower Bridge Advisors decreased its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 3.0% during the 1st quarter, HoldingsChannel.com reports. The firm owned 4,926 shares of the financial services provider’s stock after selling 151 shares during the period. Tower Bridge Advisors’ holdings in PNC Financial Services Group were worth $604,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. increased its position in PNC Financial Services Group by 1.3% during the 4th quarter. BlackRock Inc. now owns 27,642,474 shares of the financial services provider’s stock worth $3,231,680,000 after purchasing an additional 341,904 shares during the period. FMR LLC increased its position in PNC Financial Services Group by 32.7% during the 4th quarter. FMR LLC now owns 10,859,988 shares of the financial services provider’s stock worth $1,269,641,000 after purchasing an additional 2,677,895 shares during the period. Oregon Public Employees Retirement Fund increased its position in PNC Financial Services Group by 11,450.6% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 6,000,055 shares of the financial services provider’s stock worth $51,000 after purchasing an additional 5,948,109 shares during the period. Geode Capital Management LLC increased its position in PNC Financial Services Group by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock worth $647,356,000 after purchasing an additional 323,714 shares during the period. Finally, Northern Trust Corp increased its position in PNC Financial Services Group by 1.4% during the 4th quarter. Northern Trust Corp now owns 5,341,413 shares of the financial services provider’s stock worth $624,465,000 after purchasing an additional 71,882 shares during the period. Institutional investors own 82.25% of the company’s stock.

In related news, Director Martin Pfinsgraff bought 500 shares of PNC Financial Services Group stock in a transaction that occurred on Thursday, February 21st. The shares were purchased at an average price of $125.69 per share, with a total value of $62,845.00. The transaction was disclosed in a filing with the SEC, which is accessible 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 sale, the insider now directly owns 24,747 shares in the company, valued at approximately $3,340,845. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by corporate insiders.

PNC opened at $136.64 on Friday. The company has a market capitalization of $61.96 billion, a P/E ratio of 12.76, a PEG ratio of 1.59 and a beta of 1.09. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.90 and a current ratio of 0.91. 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 released its quarterly earnings results on Friday, April 12th. The financial services provider reported $2.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.61. The business had revenue of $4.29 billion for the quarter, compared to analysts’ expectations 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 quarter in the prior year, the firm posted $2.43 EPS. As a group, equities research analysts forecast that PNC Financial Services Group Inc will post 11.35 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Tuesday, April 16th will be paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend is Monday, April 15th. PNC Financial Services Group’s payout ratio is currently 35.48%.

Several equities analysts have issued reports on PNC shares. Bank of America cut PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research report on Thursday, January 10th. Zacks Investment Research cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Wednesday, March 20th. Royal Bank of Canada lowered their price target on PNC Financial Services Group to $150.00 and set an “average” rating on the stock in a report on Thursday, January 17th. Morgan Stanley upped their price target on PNC Financial Services Group from $138.00 to $142.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Finally, Deutsche Bank cut PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 price target on the stock. in a report on Friday, January 25th. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $145.66.

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

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