PNC Financial Services Group Inc (PNC) Shares Sold by Bailard Inc.
Bailard Inc. cut its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 0.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 47,208 shares of the financial services provider’s stock after selling 331 shares during the period. Bailard Inc.’s holdings in PNC Financial Services Group were worth $5,519,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also bought and sold shares of PNC. Capital Investment Advisory Services LLC bought a new stake in shares of PNC Financial Services Group during the fourth quarter valued at approximately $81,000. Transamerica Financial Advisors Inc. bought a new stake in PNC Financial Services Group in the fourth quarter worth $36,000. Schmidt P J Investment Management Inc. boosted its holdings in PNC Financial Services Group by 0.9% in the fourth quarter. Schmidt P J Investment Management Inc. now owns 51,579 shares of the financial services provider’s stock worth $6,030,000 after acquiring an additional 459 shares in the last quarter. Isthmus Partners LLC boosted its holdings in PNC Financial Services Group by 1.4% in the fourth quarter. Isthmus Partners LLC now owns 50,209 shares of the financial services provider’s stock worth $5,870,000 after acquiring an additional 671 shares in the last quarter. Finally, Buckingham Capital Management Inc. boosted its holdings in PNC Financial Services Group by 15.1% in the fourth quarter. Buckingham Capital Management Inc. now owns 2,131 shares of the financial services provider’s stock worth $249,000 after acquiring an additional 279 shares in the last quarter. 79.27% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have commented on PNC shares. Sanford C. Bernstein raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their target price for the stock from $158.00 to $145.00 in a report on Monday, October 15th. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a report on Monday, October 15th. Morgan Stanley dropped their target price on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a report on Monday, October 15th. BMO Capital Markets dropped their target price on PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a report on Monday, October 15th. They noted that the move was a valuation call. Finally, Nomura dropped their target price on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the stock. PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $145.45.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $2.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.04). The business had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.37 billion. PNC Financial Services Group had a net margin of 26.51% and a return on equity of 11.23%. The company’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.29 earnings per share. On average, research analysts predict that PNC Financial Services Group Inc will post 11.33 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, February 5th. Stockholders of record on Thursday, January 17th were issued a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a dividend yield of 3.13%. The ex-dividend date of this dividend was Wednesday, January 16th. PNC Financial Services Group’s payout ratio is currently 35.48%.
PNC Financial Services Group declared that its Board of Directors has initiated a share repurchase plan on Thursday, November 8th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 1.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, insider Michael J. Hannon sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 22nd. The stock was sold at an average price of $124.82, for a total transaction of $624,100.00. Following the transaction, the insider now directly owns 53,239 shares of the company’s stock, valued at $6,645,291.98. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.38% of the company’s stock.
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.
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