The PNC Financial Services Group, Inc $PNC Stake Lifted by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 1,260,199 shares of the financial services provider’s stock after purchasing an additional 29,099 shares during the period. Hsbc Holdings PLC’s holdings in The PNC Financial Services Group were worth $263,098,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd acquired a new stake in The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $32,000. Finally, EFG International AG bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $33,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.1%

PNC stock opened at $232.39 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $176.16 and a 52-week high of $243.94. The company’s 50 day simple moving average is $222.68 and its 200-day simple moving average is $217.55. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The firm has a market capitalization of $93.32 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 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 business had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the firm earned $3.51 EPS. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 18.81 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced 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 was Tuesday, April 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 48,300 shares of company stock worth $10,694,574 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of several research analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Stephens started coverage on The PNC Financial Services Group in a report on Monday, June 15th. They set an “overweight” rating and a $265.00 target price on the stock. Barclays boosted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target for the company. Finally, Oppenheimer raised their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $246.72.

The PNC Financial Services Group Company 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.