The PNC Financial Services Group, Inc $PNC Stake Lessened by Resona Asset Management Co. Ltd.

Resona Asset Management Co. Ltd. lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 126,295 shares of the financial services provider’s stock after selling 5,799 shares during the period. Resona Asset Management Co. Ltd.’s holdings in The PNC Financial Services Group were worth $26,434,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PNC. Viking Global Investors LP lifted its holdings in shares of The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of The PNC Financial Services Group by 50.1% in the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock worth $889,297,000 after purchasing an additional 1,086,941 shares in the last quarter. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after purchasing an additional 609,755 shares in the last quarter. Finally, PFA Pension Forsikringsaktieselskab purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $123,940,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on PNC shares. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price target for the company. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a report on Thursday, April 16th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $243.11.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the sale, the chief executive officer directly owned 554,274 shares in the company, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.2%

NYSE:PNC opened at $213.24 on Wednesday. The PNC Financial Services Group, Inc has a 12 month low of $169.32 and a 12 month high of $243.94. The firm has a market cap of $85.63 billion, a price-to-earnings ratio of 12.39, a P/E/G ratio of 0.89 and a beta of 0.94. 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 company’s 50 day moving average is $213.63 and its 200-day moving average is $211.19.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the company posted $3.51 earnings per share. The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 18.93 EPS for the current 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 issued 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 payout ratio is 39.51%.

About The PNC Financial Services Group

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.