Canandaigua National Corp boosted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,308 shares of the financial services provider’s stock after purchasing an additional 229 shares during the quarter. Canandaigua National Corp’s holdings in The PNC Financial Services Group were worth $1,106,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in PNC. Norges Bank bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $671,132,000. FMR LLC lifted its position in shares of The PNC Financial Services Group by 57.8% in the 4th quarter. FMR LLC now owns 8,399,370 shares of the financial services provider’s stock worth $1,251,506,000 after acquiring an additional 3,076,159 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of The PNC Financial Services Group by 9.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,391,754 shares of the financial services provider’s stock worth $3,932,371,000 after acquiring an additional 2,230,186 shares during the period. Morgan Stanley lifted its position in shares of The PNC Financial Services Group by 34.7% in the 4th quarter. Morgan Stanley now owns 3,388,311 shares of the financial services provider’s stock worth $504,860,000 after acquiring an additional 873,125 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of The PNC Financial Services Group by 39.0% in the 4th quarter. Principal Financial Group Inc. now owns 2,987,257 shares of the financial services provider’s stock worth $445,102,000 after acquiring an additional 838,492 shares during the period. Hedge funds and other institutional investors own 80.56% of the company’s stock.
In other news, EVP Guild Deborah sold 3,840 shares of the firm’s stock in a transaction on Tuesday, January 26th. The stock was sold at an average price of $151.37, for a total value of $581,260.80. Following the transaction, the executive vice president now directly owns 18,804 shares in the company, valued at approximately $2,846,361.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Karen L. Larrimer sold 3,205 shares of the firm’s stock in a transaction on Friday, February 5th. The stock was sold at an average price of $156.92, for a total value of $502,928.60. Following the completion of the transaction, the executive vice president now owns 24,580 shares in the company, valued at $3,857,093.60. The disclosure for this sale can be found here. Insiders sold a total of 7,295 shares of company stock valued at $1,128,071 over the last three months. Insiders own 0.30% of the company’s stock.
NYSE PNC opened at $178.11 on Friday. The stock has a fifty day moving average of $175.17 and a 200-day moving average of $145.05. The stock has a market capitalization of $75.52 billion, a P/E ratio of 10.66, a price-to-earnings-growth ratio of 3.33 and a beta of 1.38. The PNC Financial Services Group, Inc. has a 52 week low of $89.13 and a 52 week high of $184.33. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.88 and a current ratio of 0.88.
The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Thursday, January 14th. The financial services provider reported $3.26 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.65 by $0.61. The company had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.10 billion. The PNC Financial Services Group had a return on equity of 5.97% and a net margin of 38.16%. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. During the same period last year, the firm earned $2.97 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 6.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 5th. Stockholders of record on Friday, April 16th will be paid a $1.15 dividend. The ex-dividend date of this dividend is Thursday, April 15th. This represents a $4.60 annualized dividend and a dividend yield of 2.58%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.39%.
A number of brokerages have commented on PNC. TheStreet downgraded The PNC Financial Services Group from a “b” rating to a “c+” rating in a research report on Friday, January 15th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their target price for the stock from $140.00 to $179.00 in a report on Monday, January 11th. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $150.00 to $167.00 and gave the stock a “market perform” rating in a report on Monday, January 18th. Barclays increased their target price on The PNC Financial Services Group from $171.00 to $182.00 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, Stephens increased their target price on The PNC Financial Services Group from $155.00 to $190.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 30th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $157.78.
The PNC Financial Services Group Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group. The Retail Banking segment offers brokerage, insurance, and investment and cash management services; checking, savings, and money market accounts; certificates of deposits; and lending products, which includes residential mortgages, home equity loans and lines of credit, auto loans, education loans, and personal and small business loans, and credit cards to consumer and small business customers through a network of branches, ATMs, call centers, and online and mobile banking channels.
Further Reading: Market Indexes
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