Morningstar Investment Management LLC Purchases 259 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Morningstar Investment Management LLC grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,854 shares of the financial services provider’s stock after acquiring an additional 259 shares during the quarter. Morningstar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $236,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Aspire Private Capital LLC bought a new stake in The PNC Financial Services Group in the first quarter worth $16,268,800,000. Elequin Securities LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $28,000. Centerpoint Advisors LLC bought a new stake in The PNC Financial Services Group in the first quarter worth $26,000. AXS Investments LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $36,000. Finally, Ruedi Wealth Management Inc. bought a new stake in The PNC Financial Services Group in the fourth quarter worth $37,000. 80.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on PNC shares. Wells Fargo & Company decreased their price target on The PNC Financial Services Group from $186.00 to $176.00 in a research note on Wednesday, July 19th. Citigroup decreased their price target on The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Credit Suisse Group reduced their price objective on The PNC Financial Services Group from $145.00 to $135.00 in a research report on Wednesday, July 19th. HSBC initiated coverage on The PNC Financial Services Group in a research report on Thursday. They set a “reduce” rating and a $110.00 price objective for the company. Finally, StockNews.com initiated coverage on The PNC Financial Services Group in a research report on Thursday, August 17th. They set a “sell” rating for the company. Five research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $158.94.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded up $1.55 during mid-day trading on Monday, reaching $118.48. The company’s stock had a trading volume of 314,262 shares, compared to its average volume of 3,087,644. The firm has a market capitalization of $47.19 billion, a PE ratio of 8.12, a P/E/G ratio of 1.06 and a beta of 1.15. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.82 and a quick ratio of 0.82. The stock has a fifty day moving average of $126.59 and a two-hundred day moving average of $126.68. The PNC Financial Services Group, Inc. has a 52 week low of $110.31 and a 52 week high of $170.27.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 18th. The financial services provider reported $3.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.31 by $0.05. The firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $5.45 billion. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The business’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.42 earnings per share. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.5 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were paid a $1.55 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The ex-dividend date of this dividend was Friday, July 14th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.23%. The PNC Financial Services Group’s dividend payout ratio is 42.49%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. 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.