Webster Bank N. A. Increases Holdings in PNC Financial Services Group Inc (PNC)
Webster Bank N. A. boosted its position in PNC Financial Services Group Inc (NYSE:PNC) by 5.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,728 shares of the financial services provider’s stock after purchasing an additional 843 shares during the period. Webster Bank N. A.’s holdings in PNC Financial Services Group were worth $2,175,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in PNC. IMS Capital Management bought a new position in shares of PNC Financial Services Group in the third quarter worth about $28,000. Executive Wealth Management LLC bought a new stake in PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Transamerica Financial Advisors Inc. bought a new stake in PNC Financial Services Group during the 4th quarter valued at approximately $36,000. Athena Capital Advisors LLC bought a new stake in PNC Financial Services Group during the 4th quarter valued at approximately $37,000. Finally, Ipswich Investment Management Co. Inc. bought a new stake in PNC Financial Services Group during the 4th quarter valued at approximately $43,000. 82.25% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently issued reports on the company. UBS Group set a $133.00 target price on PNC Financial Services Group and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Zacks Investment Research raised PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Tuesday, March 26th. Macquarie raised PNC Financial Services Group from a “neutral” rating to an “outperform” rating in a research note on Wednesday, March 6th. Deutsche Bank downgraded PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 target price on the stock. in a research note on Friday, January 25th. Finally, Credit Suisse Group reissued a “hold” rating and set a $146.00 target price on shares of PNC Financial Services Group in a research note on Thursday, January 17th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and three have issued a buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $144.99.
PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, January 16th. The financial services provider reported $2.75 EPS for the quarter, missing the Zacks’ consensus estimate of $2.79 by ($0.04). The company had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.37 billion. PNC Financial Services Group had a return on equity of 11.23% and a net margin of 26.51%. PNC Financial Services Group’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm posted $2.29 EPS. On average, equities analysts expect that PNC Financial Services Group Inc will post 11.29 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Tuesday, April 16th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date of this dividend is Monday, April 15th. PNC Financial Services Group’s dividend payout ratio (DPR) is 35.48%.
In related news, Director Martin Pfinsgraff bought 500 shares of the company’s stock in a transaction dated Thursday, February 21st. The stock was purchased at an average price of $125.69 per share, for a total transaction of $62,845.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Robert Q. Reilly sold 12,361 shares of PNC Financial Services Group stock in a transaction that occurred on 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 completion of the transaction, the executive vice president now owns 118,671 shares of the company’s stock, valued at approximately $14,537,197.50. The disclosure for this sale can be found here. 0.37% of the stock is currently owned by insiders.
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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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