Canada Post Corp Registered Pension Plan Reduces Position in The PNC Financial Services Group, Inc $PNC

Canada Post Corp Registered Pension Plan reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 19.8% in the 4th quarter, Holdings Channel reports. The institutional investor owned 41,354 shares of the financial services provider’s stock after selling 10,220 shares during the period. Canada Post Corp Registered Pension Plan’s holdings in The PNC Financial Services Group were worth $8,632,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in PNC. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after purchasing an additional 6,572 shares during the period. US Bancorp DE grew its holdings in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after purchasing an additional 34,009 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of The PNC Financial Services Group by 1.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock worth $369,169,000 after purchasing an additional 22,325 shares during the period. Savant Capital LLC grew its holdings in shares of The PNC Financial Services Group by 8.7% during the 3rd quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock worth $17,672,000 after purchasing an additional 7,064 shares during the period. Finally, National Pension Service grew its holdings in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock worth $215,113,000 after purchasing an additional 26,305 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $213.17 on Friday. 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 PNC Financial Services Group, Inc has a 52 week low of $169.32 and a 52 week high of $243.94. The stock has a market capitalization of $85.60 billion, a PE ratio of 12.39, a P/E/G ratio of 0.88 and a beta of 0.94. The firm has a 50 day moving average of $213.47 and a two-hundred day moving average of $210.57.

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 company had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same quarter last year, the company posted $3.51 EPS. The firm’s revenue was up 13.1% compared to the same quarter last year. On average, research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group began coverage on The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $243.11.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the completion of the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. This trade represents a 79.23% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 64,186 shares of company stock worth $14,840,973. 0.38% of the stock is currently owned by corporate insiders.

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.