Nordea Investment Management AB lowered its stake in PNC Financial Services Group Inc (NYSE:PNC) by 5.9% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 25,593 shares of the financial services provider’s stock after selling 1,602 shares during the quarter. Nordea Investment Management AB’s holdings in PNC Financial Services Group were worth $3,139,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently bought and sold shares of PNC. Norges Bank bought a new stake in shares of PNC Financial Services Group during the 4th quarter worth approximately $550,507,000. FMR LLC raised its position in shares of PNC Financial Services Group by 32.7% in the 4th quarter. FMR LLC now owns 10,859,988 shares of the financial services provider’s stock worth $1,269,641,000 after acquiring an additional 2,677,895 shares in the last quarter. American Century Companies Inc. raised its position in shares of PNC Financial Services Group by 13.7% in the 4th quarter. American Century Companies Inc. now owns 3,996,313 shares of the financial services provider’s stock worth $467,209,000 after acquiring an additional 481,885 shares in the last quarter. Geode Capital Management LLC raised its position in shares of PNC Financial Services Group by 6.2% in the 4th quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock worth $647,356,000 after acquiring an additional 323,714 shares in the last quarter. Finally, MUFG Securities EMEA plc purchased a new position in PNC Financial Services Group during the 4th quarter worth $36,090,000. 80.33% of the stock is currently owned by hedge funds and other institutional investors.
PNC Financial Services Group stock traded down $0.80 during mid-day trading on Thursday, hitting $138.88. The company’s stock had a trading volume of 1,605,138 shares, compared to its average volume of 2,067,076. PNC Financial Services Group Inc has a 1 year low of $108.45 and a 1 year high of $147.23. The business has a fifty day moving average price of $135.98. The firm has a market cap of $62.64 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.80 and a beta of 1.09. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.23.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 19th will be issued a dividend of $1.15 per share. This is a positive change from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Thursday, July 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.31%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 35.48%.
In other PNC Financial Services Group news, insider Joseph E. Rockey sold 6,000 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $135.00, for a total transaction of $810,000.00. Following the transaction, the insider now owns 24,747 shares of the company’s stock, valued at $3,340,845. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.37% of the company’s stock.
PNC has been the topic of several research analyst reports. JPMorgan Chase & Co. assumed coverage on Pinduoduo in a research note on Tuesday, July 9th. They set an “underweight” rating and a $20.48 price target on the stock. Morgan Stanley set a $36.00 price target on ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Barclays upped their price target on Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a report on Monday, April 15th. ValuEngine cut Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. Finally, UBS Group set a $169.00 price target on M&T Bank and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $142.99.
About PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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