Sumitomo Life Insurance Co. Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Life Insurance Co. lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 6,949 shares of the financial services provider’s stock after selling 359 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in The PNC Financial Services Group were worth $1,076,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PNC. Norges Bank purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $735,469,000. Moneta Group Investment Advisors LLC grew its holdings in The PNC Financial Services Group by 122,771.6% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,540,984 shares of the financial services provider’s stock valued at $401,323,000 after buying an additional 2,538,916 shares in the last quarter. Morgan Stanley grew its holdings in The PNC Financial Services Group by 28.7% during the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock valued at $740,101,000 after buying an additional 1,045,055 shares in the last quarter. FMR LLC grew its holdings in The PNC Financial Services Group by 6.7% during the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after buying an additional 893,808 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in The PNC Financial Services Group by 7.0% during 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 in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $149.56 on Tuesday. The business has a 50 day moving average of $151.88 and a 200 day moving average of $141.47. The company has a market capitalization of $59.50 billion, a price-to-earnings ratio of 11.69, a PEG ratio of 1.73 and a beta of 1.18. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.84 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $1.04. The business had revenue of $5.36 billion for the quarter, compared to analysts’ expectations of $5.30 billion. The PNC Financial Services Group had a return on equity of 12.27% and a net margin of 17.50%. The business’s quarterly revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $3.49 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 12.42 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be paid a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 4.15%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 48.48%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the transaction, the executive vice president now directly owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PNC shares. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $145.00 to $152.00 and gave the company an “underperform” rating in a report on Friday, April 5th. UBS Group lifted their target price on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a report on Thursday, January 18th. The Goldman Sachs Group lifted their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Morgan Stanley lifted their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the company an “underweight” rating in a research report on Tuesday, January 30th. Finally, Jefferies Financial Group lifted their price target on The PNC Financial Services Group from $164.00 to $171.00 and gave the company a “hold” rating in a research report on Monday, April 8th. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $157.10.

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 time 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.