CIBC Asset Management Inc Buys 36,378 Shares of The PNC Financial Services Group, Inc $PNC

CIBC Asset Management Inc increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 33.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,295 shares of the financial services provider’s stock after purchasing an additional 36,378 shares during the period. CIBC Asset Management Inc’s holdings in The PNC Financial Services Group were worth $30,119,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the stock. Marble Wealth LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $513,000. Mccarter Private Wealth Services LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $265,000. Bank of New York Mellon Corp raised its position in shares of The PNC Financial Services Group by 3.7% during the 4th quarter. Bank of New York Mellon Corp now owns 2,692,994 shares of the financial services provider’s stock valued at $562,109,000 after acquiring an additional 97,107 shares during the last quarter. Pincus Capital Management LP bought a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at $292,000. Finally, Heritage Trust Co raised its position in shares of The PNC Financial Services Group by 8.2% during the 4th quarter. Heritage Trust Co now owns 20,574 shares of the financial services provider’s stock valued at $4,294,000 after acquiring an additional 1,558 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is owned by company insiders.

Analysts Set New Price Targets

PNC has been the subject of several recent research reports. Citigroup upped their target price on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Bank of America upped their target price on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a research report on Thursday, April 30th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $243.11.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $218.52 on Thursday. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94. The firm has a market capitalization of $87.75 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.92 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm has a fifty day moving average of $217.24 and a 200-day moving average of $213.95.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the previous year, the business earned $3.51 EPS. The firm’s revenue was up 13.1% on a year-over-year basis. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is 39.51%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.