The PNC Financial Services Group, Inc. (NYSE:PNC) Stock Position Lowered by Summit Global Investments

Summit Global Investments lowered its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 3,153 shares of the financial services provider’s stock after selling 411 shares during the period. Summit Global Investments’ holdings in The PNC Financial Services Group were worth $488,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Rockline Wealth Management LLC purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,825,000. KPP Advisory Services LLC acquired a new position in The PNC Financial Services Group during the third quarter worth $323,000. AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 144.2% during the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after buying an additional 67,490 shares in the last quarter. Trust Point Inc. acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter worth about $459,000. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $295,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction dated 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 owns 36,570 shares in the company, valued at $5,442,347.40. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PNC shares. StockNews.com lowered The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday, April 26th. JPMorgan Chase & Co. lowered their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 1st. Evercore ISI cut their target price on shares of The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, April 17th. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Finally, The Goldman Sachs Group lifted their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $157.02.

The PNC Financial Services Group Trading Up 0.3 %

Shares of PNC opened at $156.22 on Monday. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85. The company has a market cap of $62.15 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.77 and a beta of 1.16. The stock has a fifty day moving average price of $153.58 and a two-hundred day moving average price of $144.79. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same quarter in the prior year, the firm earned $3.98 EPS. The company’s revenue was down 8.2% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc. will post 12.64 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 3.97%. The ex-dividend date of this dividend was Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is 52.06%.

About The PNC Financial Services Group

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.