Sumitomo Mitsui DS Asset Management Company Ltd Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,168 shares of the financial services provider’s stock after buying an additional 3,021 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in The PNC Financial Services Group were worth $9,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank & Trust Co purchased a new position in The PNC Financial Services Group during the 2nd quarter worth $26,000. ORG Partners LLC grew its stake in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at about $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at about $29,000. Finally, Y.D. More Investments Ltd purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at about $33,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNC. UBS Group boosted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Morgan Stanley boosted their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research note on Wednesday. Finally, Citigroup boosted their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $185.71.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the sale, the chief executive officer now directly owns 560,911 shares in the company, valued at $101,233,217.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the sale, the chief executive officer now directly owns 560,911 shares in the company, valued at $101,233,217.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,420 shares of company stock worth $4,223,131 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $189.38 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $196.64. The stock has a 50 day moving average of $180.83 and a two-hundred day moving average of $167.13. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The firm has a market cap of $75.28 billion, a P/E ratio of 15.86, a price-to-earnings-growth ratio of 2.06 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the previous year, the business earned $3.60 EPS. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be given a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.38%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.60%.

About The PNC Financial Services Group

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.