LSV Asset Management Sells 66,797 Shares of PNC Financial Services Group Inc (PNC)

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LSV Asset Management decreased its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 2.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,597,311 shares of the financial services provider’s stock after selling 66,797 shares during the quarter. LSV Asset Management’s holdings in PNC Financial Services Group were worth $303,651,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PNC. Capital International Investors grew its position in shares of PNC Financial Services Group by 105.5% during the 3rd quarter. Capital International Investors now owns 2,332,232 shares of the financial services provider’s stock worth $317,627,000 after buying an additional 1,197,093 shares in the last quarter. Clearbridge Investments LLC grew its position in shares of PNC Financial Services Group by 38.0% during the 3rd quarter. Clearbridge Investments LLC now owns 1,915,660 shares of the financial services provider’s stock worth $260,894,000 after buying an additional 527,145 shares in the last quarter. Prudential Financial Inc. grew its position in shares of PNC Financial Services Group by 54.0% during the 3rd quarter. Prudential Financial Inc. now owns 954,849 shares of the financial services provider’s stock worth $130,041,000 after buying an additional 335,010 shares in the last quarter. Conning Inc. lifted its stake in shares of PNC Financial Services Group by 2,344.3% during the 4th quarter. Conning Inc. now owns 279,746 shares of the financial services provider’s stock worth $32,705,000 after purchasing an additional 268,301 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of PNC Financial Services Group by 11.6% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,680,920 shares of the financial services provider’s stock worth $228,924,000 after purchasing an additional 175,225 shares during the last quarter. 80.61% of the stock is currently owned by institutional investors and hedge funds.

PNC Financial Services Group stock opened at $121.24 on Monday. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.88 and a quick ratio of 0.88. PNC Financial Services Group Inc has a one year low of $108.45 and a one year high of $163.59. The stock has a market capitalization of $55.94 billion, a price-to-earnings ratio of 11.32, a price-to-earnings-growth ratio of 1.43 and a beta of 1.04.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $2.75 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.04). PNC Financial Services Group had a net margin of 26.51% and a return on equity of 11.23%. The business had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter last year, the business posted $2.29 earnings per share. The company’s quarterly revenue was up 1.9% compared to the same quarter last year. As a group, equities analysts predict that PNC Financial Services Group Inc will post 11.33 earnings per share for the current year.

PNC Financial Services Group announced that its board has approved a share repurchase plan on Thursday, November 8th that allows the company to repurchase $900.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 5th. Shareholders of record on Thursday, January 17th were paid a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 3.13%. The ex-dividend date was Wednesday, January 16th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 35.48%.

In other PNC Financial Services Group news, insider Michael J. Hannon sold 5,000 shares of the stock in a transaction dated Tuesday, January 22nd. The stock was sold at an average price of $124.82, for a total value of $624,100.00. Following the completion of the sale, the insider now directly owns 53,239 shares in the company, valued at $6,645,291.98. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.38% of the company’s stock.

A number of equities research analysts recently weighed in on PNC shares. Sanford C. Bernstein upgraded PNC Financial Services Group from a “market perform” rating to an “outperform” rating and decreased their price objective for the stock from $158.00 to $145.00 in a research note on Monday, October 15th. Deutsche Bank upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research note on Monday, October 15th. Morgan Stanley decreased their price objective on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research note on Monday, October 15th. BMO Capital Markets decreased their price objective on PNC Financial Services Group to $139.00 and set an “outperform” rating for the company in a research note on Monday, October 15th. They noted that the move was a valuation call. Finally, Nomura decreased their price objective on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating for the company in a research note on Monday, October 15th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $145.45.

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PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

See Also: How can investors find ex-dividend dates?

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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