SlateStone Wealth LLC Purchases New Shares in The PNC Financial Services Group, Inc. (NYSE:PNC)

SlateStone Wealth LLC purchased a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,379 shares of the financial services provider’s stock, valued at approximately $214,000.

Other institutional investors have also recently modified their holdings of the company. FMR LLC lifted its holdings in shares of The PNC Financial Services Group by 6.7% in the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after acquiring an additional 893,808 shares during the last quarter. International Assets Investment Management LLC raised its holdings in The PNC Financial Services Group by 15,539.2% during the 4th quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock worth $99,727,000 after purchasing an additional 639,903 shares during the last quarter. Invesco Ltd. lifted its position in shares of The PNC Financial Services Group by 10.4% in the 3rd quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after purchasing an additional 484,475 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of The PNC Financial Services Group by 44.8% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,541,886 shares of the financial services provider’s stock valued at $189,297,000 after purchasing an additional 477,367 shares during the last quarter. Finally, Cambiar Investors LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth $37,314,000. 83.53% of the stock is currently owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC traded up $0.52 during mid-day trading on Wednesday, reaching $158.13. 143,115 shares of the company traded hands, compared to its average volume of 2,122,728. The company’s 50 day moving average price is $152.28 and its 200-day moving average price is $142.77. The firm has a market cap of $62.91 billion, a PE ratio of 13.23, a PEG ratio of 1.76 and a beta of 1.18. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the firm earned $3.98 EPS. The company’s revenue was down 8.2% on a year-over-year basis. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 52.06%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $152.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, April 17th. Bank of America increased their price target on The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research report on Wednesday, April 17th. Jefferies Financial Group lowered their price objective on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a research report on Wednesday, April 17th. UBS Group upped their price target on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $156.63.

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.