Cullen Capital Management LLC Buys 58,381 Shares of The PNC Financial Services Group, Inc $PNC

Cullen Capital Management LLC grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 29.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 259,784 shares of the financial services provider’s stock after purchasing an additional 58,381 shares during the quarter. Cullen Capital Management LLC’s holdings in The PNC Financial Services Group were worth $54,225,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PNC. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,967,080,000. Viking Global Investors LP increased its position in shares of The PNC Financial Services Group by 234.9% during 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 acquiring an additional 5,581,102 shares during the last quarter. Deutsche Bank AG increased its position in shares of The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after acquiring an additional 1,994,431 shares during the last quarter. Wellington Management Group LLP increased its position in shares of The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after acquiring an additional 1,162,964 shares during the last quarter. Finally, Capital International Investors increased its position 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 acquiring an additional 1,101,055 shares during the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $237.51 on Friday. 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 business has a fifty day simple moving average of $220.85 and a two-hundred day simple moving average of $216.10. The PNC Financial Services Group, Inc has a 1 year low of $172.73 and a 1 year high of $243.94. The company has a market capitalization of $95.38 billion, a P/E ratio of 13.80, a P/E/G ratio of 0.97 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (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 during the quarter, compared to the consensus estimate of $6.21 billion. During the same period last year, the business posted $3.51 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on PNC. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Friday, March 27th. Citigroup increased their price target on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, May 8th. Barclays increased their price target on 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. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. Finally, Keefe, Bruyette & Woods increased their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average target price of $243.11.

The PNC Financial Services Group Company 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.