MQS Management LLC Invests $890,000 in The PNC Financial Services Group, Inc $PNC

MQS Management LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,279 shares of the financial services provider’s stock, valued at approximately $890,000. The PNC Financial Services Group comprises approximately 0.6% of MQS Management LLC’s portfolio, making the stock its 14th largest holding.

Several other hedge funds also recently modified their holdings of PNC. Vanguard Group Inc. increased its holdings in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. State Street Corp boosted its stake in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares in the last quarter. Capital International Investors boosted its stake in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Finally, Geode Capital Management LLC grew its holdings in shares of The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $246.06 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $249.01. 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 company has a market capitalization of $98.81 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 1.01 and a beta of 0.92. The business has a 50-day moving average of $225.49 and a 200-day moving average of $219.86.

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 company 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 firm earned $3.51 earnings per share. 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 18.82 earnings per share for the current year.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research reports. Oppenheimer raised their price objective on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the company an “outperform” rating in a report on Tuesday. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 target price on the stock. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Stephens began coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They set an “overweight” rating and a $265.00 price target for the company. Finally, Citigroup lifted their price target on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $249.56.

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.