Avanza Fonder AB Buys New Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Avanza Fonder AB acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, Holdings Channel.com reports. The fund acquired 29,306 shares of the financial services provider’s stock, valued at approximately $5,652,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Winch Advisory Services LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Valley Wealth Managers Inc. raised its stake in The PNC Financial Services Group by 20,000.0% in the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth about $51,000. Quarry LP increased its holdings in shares of The PNC Financial Services Group by 141.7% in the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 170 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. increased its holdings in The PNC Financial Services Group by 231.6% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 315 shares of the financial services provider’s stock worth $58,000 after buying an additional 220 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $192.88, for a total transaction of $239,556.96. Following the completion of the transaction, the chief executive officer now owns 526,313 shares in the company, valued at approximately $101,515,251.44. The trade was a 0.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,030 shares of company stock valued at $5,928,202. Corporate insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Compass Point increased their target price on The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Evercore ISI raised their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Stephens raised their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average price target of $203.29.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $197.98 on Friday. The stock’s 50-day moving average is $201.65 and its 200-day moving average is $186.67. The company has a market cap of $78.55 billion, a price-to-earnings ratio of 16.69, a price-to-earnings-growth ratio of 1.77 and a beta of 1.16. The PNC Financial Services Group, Inc. has a 12 month low of $139.69 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the business earned $3.16 earnings per share. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.47 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.23%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

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 segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.