Raleigh Capital Management Inc. Has $2 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Raleigh Capital Management Inc. raised its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 22.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 15,736 shares of the financial services provider’s stock after buying an additional 2,896 shares during the period. The PNC Financial Services Group accounts for about 1.0% of Raleigh Capital Management Inc.’s portfolio, making the stock its 26th largest holding. Raleigh Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $2,000,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. increased its stake in The PNC Financial Services Group by 7.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock valued at $2,064,357,000 after buying an additional 860,489 shares during the last quarter. FMR LLC grew its position in shares of The PNC Financial Services Group by 5.8% in the 1st quarter. FMR LLC now owns 11,401,954 shares of the financial services provider’s stock valued at $1,449,188,000 after acquiring an additional 623,952 shares during the period. Bank of America Corp DE grew its position in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Bank of America Corp DE now owns 9,264,839 shares of the financial services provider’s stock valued at $1,463,289,000 after acquiring an additional 36,414 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of The PNC Financial Services Group by 788.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,501,090 shares of the financial services provider’s stock valued at $1,080,490,000 after acquiring an additional 7,544,029 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of The PNC Financial Services Group by 2.4% in the 1st quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock valued at $915,146,000 after acquiring an additional 171,876 shares during the period. 80.14% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on PNC. 888 reissued a “reiterates” rating on shares of The PNC Financial Services Group in a research report on Monday, June 26th. StockNews.com began coverage on shares of The PNC Financial Services Group in a research report on Thursday, August 17th. They issued a “sell” rating for the company. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $137.00 to $144.00 and gave the company an “underweight” rating in a research report on Wednesday, July 19th. Odeon Capital Group downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating in a report on Friday, July 21st. Finally, Citigroup reduced their target price on shares of The PNC Financial Services Group from $150.00 to $145.00 in a report on Thursday, June 8th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $158.94.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $126.16 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 1.33. The company has a market capitalization of $50.24 billion, a P/E ratio of 8.56, a P/E/G ratio of 1.06 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 12-month low of $110.31 and a 12-month high of $170.27. The firm has a 50-day moving average price of $126.35 and a two-hundred day moving average price of $126.16.

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

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Stockholders of record on Monday, July 17th were given a $1.55 dividend. The ex-dividend date of this dividend was Friday, July 14th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a dividend yield of 4.91%. The PNC Financial Services Group’s payout ratio is presently 42.49%.

The PNC Financial Services Group 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.