PNC Financial Services Group Inc (PNC) Stake Decreased by Bp Plc

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Bp Plc cut its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 15.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,000 shares of the financial services provider’s stock after selling 9,000 shares during the period. Bp Plc’s holdings in PNC Financial Services Group were worth $5,727,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in PNC. Atria Investments LLC raised its holdings in shares of PNC Financial Services Group by 27.6% in the 3rd quarter. Atria Investments LLC now owns 5,832 shares of the financial services provider’s stock valued at $794,000 after buying an additional 1,263 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its holdings in PNC Financial Services Group by 1.0% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 82,984 shares of the financial services provider’s stock worth $11,301,000 after purchasing an additional 799 shares during the period. First Hawaiian Bank purchased a new stake in PNC Financial Services Group during the 3rd quarter worth about $457,000. Sitrin Capital Management LLC increased its holdings in PNC Financial Services Group by 2.2% during the 3rd quarter. Sitrin Capital Management LLC now owns 31,290 shares of the financial services provider’s stock worth $4,261,000 after purchasing an additional 676 shares during the period. Finally, Aperio Group LLC increased its holdings in PNC Financial Services Group by 0.5% during the 3rd quarter. Aperio Group LLC now owns 330,285 shares of the financial services provider’s stock worth $44,982,000 after purchasing an additional 1,595 shares during the period. Institutional investors own 80.61% of the company’s stock.

In other news, EVP Robert Q. Reilly sold 12,361 shares of the stock in a transaction dated Friday, February 8th. The stock was sold at an average price of $122.50, for a total value of $1,514,222.50. Following the transaction, the executive vice president now owns 118,671 shares in the company, valued at approximately $14,537,197.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael J. Hannon sold 5,000 shares of the stock in a transaction dated Tuesday, January 22nd. The shares were sold at an average price of $124.82, for a total value of $624,100.00. Following the completion of the transaction, the insider now owns 53,239 shares in the company, valued at approximately $6,645,291.98. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

Several brokerages have weighed in on PNC. Deutsche Bank downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 price target on the stock. in a report on Friday, January 25th. Credit Suisse Group restated a “hold” rating and set a $146.00 price target on shares of PNC Financial Services Group in a report on Thursday, January 17th. Royal Bank of Canada cut their price target on PNC Financial Services Group to $150.00 and set an “average” rating on the stock in a report on Thursday, January 17th. Bank of America downgraded PNC Financial Services Group from a “buy” rating to a “neutral” rating in a report on Thursday, January 10th. Finally, Morgan Stanley cut their price target on PNC Financial Services Group from $147.00 to $135.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 8th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $145.45.

PNC opened at $121.48 on Thursday. 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 $56.82 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 1.43 and a beta of 1.04. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.20.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 in the previous year, the company posted $2.29 EPS. The company’s revenue was up 1.9% compared to the same quarter last year. On average, research analysts expect that PNC Financial Services Group Inc will post 11.33 earnings per share for the current year.

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

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

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About PNC Financial Services Group

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.

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

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