Jennison Associates LLC trimmed its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 0.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,612,815 shares of the financial services provider's stock after selling 3,387 shares during the quarter. Jennison Associates LLC owned 0.41% of The PNC Financial Services Group worth $298,129,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank & Trust Co bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $26,000. ORG Partners LLC increased its stake in shares of The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider's stock worth $26,000 after purchasing an additional 110 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth $28,000. Y.D. More Investments Ltd purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth $33,000. Finally, Valley Wealth Managers Inc. increased its stake in shares of 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 purchasing an additional 200 shares in the last quarter. 83.53% of the stock is owned by institutional investors.
Shares of NYSE:PNC opened at $204.86 on Wednesday. The firm has a market cap of $81.28 billion, a PE ratio of 17.32, a price-to-earnings-growth ratio of 2.17 and a beta of 1.13. The firm's 50 day simple moving average is $189.25 and its 200-day simple moving average is $173.78. The PNC Financial Services Group, Inc. has a one year low of $127.08 and a one year high of $214.19. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping analysts' consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $3.60 earnings per share. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is 54.10%.
In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares of the company's stock, valued at $101,604,582.17. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the business's stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company's stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,788 shares of company stock valued at $5,535,978 over the last 90 days. Corporate insiders own 0.42% of the company's stock.
Several equities research analysts have recently commented on the company. The Goldman Sachs Group reduced their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a "neutral" rating for the company in a research note on Wednesday, September 11th. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Barclays increased their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an "overweight" rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods increased 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 report on Wednesday, October 16th. Finally, Bank of America raised shares of The PNC Financial Services Group from a "neutral" rating to a "buy" rating and increased their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Hold" and a consensus price target of $186.96.
Check Out Our Latest Stock Report on PNC
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.
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