Princeton Portfolio Strategies Group LLC increased its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 15.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 18,710 shares of the financial services provider’s stock after acquiring an additional 2,439 shares during the period. Princeton Portfolio Strategies Group LLC’s holdings in PNC Financial Services Group were worth $2,548,000 at the end of the most recent quarter.
Several other large investors also recently made changes to their positions in PNC. Point72 Asset Management L.P. acquired a new position in shares of PNC Financial Services Group in the 2nd quarter valued at about $74,962,000. Janus Henderson Group PLC raised its holdings in PNC Financial Services Group by 37.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock worth $216,609,000 after purchasing an additional 437,808 shares during the period. Jennison Associates LLC raised its holdings in PNC Financial Services Group by 5.7% in the 2nd quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock worth $880,971,000 after purchasing an additional 353,976 shares during the period. Advisors Asset Management Inc. raised its holdings in PNC Financial Services Group by 932.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock worth $4,098,000 after purchasing an additional 345,388 shares during the period. Finally, Millennium Management LLC raised its holdings in PNC Financial Services Group by 557.2% in the 2nd quarter. Millennium Management LLC now owns 354,139 shares of the financial services provider’s stock worth $47,844,000 after purchasing an additional 300,255 shares during the period. Institutional investors and hedge funds own 79.50% of the company’s stock.
Several equities research analysts have commented on the company. UBS Group set a $137.00 price objective on PNC Financial Services Group and gave the stock a “hold” rating in a research note on Monday, October 15th. Nomura cut their price objective on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating for the company in a research note on Monday, October 15th. Vining Sparks restated a “buy” rating and issued a $160.00 price target on shares of PNC Financial Services Group in a research report on Tuesday, October 9th. Macquarie lowered PNC Financial Services Group from an “outperform” rating to a “neutral” rating in a research report on Tuesday, November 27th. Finally, BMO Capital Markets cut PNC Financial Services Group from an “outperform” rating to a “market perform” rating and set a $139.00 price objective on the stock. in a report on Monday, November 19th. They noted that the move was a valuation call. Fourteen investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $155.50.
PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same quarter last year, the company posted $2.16 earnings per share. As a group, equities analysts anticipate that PNC Financial Services Group Inc will post 10.76 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Wednesday, October 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 2.80%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is currently 44.71%.
PNC Financial Services Group announced that its board has approved a stock buyback program on Thursday, November 8th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the financial services provider to repurchase up to 1.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
In other news, EVP Robert Q. Reilly sold 24,710 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the transaction, the executive vice president now directly owns 131,020 shares of the company’s stock, valued at approximately $18,406,999.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.
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PNC Financial Services Group Company 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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