Tiaa Fsb reduces its position in The PNC Financial Services Group, Inc. (NYSE:PNC)


Tiaa Fsb reduced its holdings of shares in The PNC Financial Services Group, Inc. (NYSE: PNC – Get Rating) by 3.5% during the 1st quarter, according to the company in its latest Form 13F filing with the Securities & Exchange Commission. The fund held 17,454 shares of the financial services provider after selling 634 shares during the quarter. Tiaa Fsb’s holdings in The PNC Financial Services Group were worth $3,219,000 when she last filed with the Securities & Exchange Commission.

Several other institutional investors have also recently changed their positions in PNC. Citizens National Bank Trust Department bought a new stake in shares of The PNC Financial Services Group in the fourth quarter for a value of approximately $28,000. Retirement Planning Co of New England Inc. purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter for a value of approximately $30,000. Guardian Wealth Management Inc. purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $32,000. Covestor Ltd purchased a new stake in shares of PNC Financial Services Group in the fourth quarter worth approximately $40,000. Finally, Equitec Proprietary Markets LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter worth approximately $47,000. 83.54% of the shares are currently held by hedge funds and other institutional investors.

A number of brokerages have weighed in on PNC recently. Piper Sandler lowered her target price on PNC Financial Services Group shares from $215.00 to $201.00 and set a “neutral” rating on the stock in a research note on Friday, April 1. Morgan Stanley lowered its price target on shares of PNC Financial Services Group from $209.00 to $196.00 and set an “underweight” rating on the stock in a Monday, March 28 research note. Wolfe Research lowered its price target on PNC Financial Services Group shares from $223.00 to $177.00 and set an “outperform” rating on the stock in a Thursday, May 26 research note. Raymond James lowered his price target on PNC Financial Services Group shares from $215.00 to $210.00 and set an “outperform” rating on the stock in a Monday, April 18 research note. Finally, StockNews.com began covering PNC Financial Services Group stocks in a research note on Thursday, March 31. They issued a “holding” rating on the stock. One research analyst rated the stock with a sell rating, nine gave the company’s stock a hold rating and six gave the company’s stock a buy rating. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $215.29.

Separately, director Robert A. Niblock purchased 2,000 shares of the company in a transaction dated Friday, May 6. The shares were purchased at an average price of $167.07 per share, for a total transaction of $334,140.00. Following the completion of the acquisition, the director now owns 6,063 shares of the company, valued at $1,012,945.41. The transaction was disclosed in a legal filing with the SEC, accessible via this link. Additionally, EVP Guild Deborah sold 1,257 shares of the company in a trade that took place on Tuesday, May 3. The stock was sold at an average price of $170.56, for a total transaction of $214,393.92. Following the completion of the transaction, the executive vice president now owns 23,360 shares of the company, valued at approximately $3,984,281.60. The disclosure of this sale can be found here. 0.34% of the shares are currently held by insiders of the company.

NYSE PNC shares opened at $162.84 on Friday. The PNC Financial Services Group, Inc. has a one-year low of $149.51 and a one-year high of $228.14. The company has a debt ratio of 0.54, a current ratio of 0.75 and a quick ratio of 0.74. The company’s 50-day simple moving average is $165.48 and its two-hundred-day simple moving average is $187.46. The stock has a market capitalization of $67.35 billion, a P/E ratio of 13.78, a PEG ratio of 2.17 and a beta of 1.24.

PNC Financial Services Group (NYSE:PNC – Get Rating) last released its results on Thursday, April 14. The financial services provider reported earnings per share (EPS) of $3.29 for the quarter, beating the consensus estimate of $2.78 by $0.51. The PNC Financial Services group achieved a net margin of 26.14% and a return on equity of 12.43%. The company posted revenue of $4.69 billion for the quarter, versus $4.72 billion expected by analysts. In the same quarter last year, the company earned earnings per share of $4.10. The company’s revenue increased 11.2% year over year. As a group, stock analysts expect The PNC Financial Services Group, Inc. to post earnings per share of 14.19 for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, May 5. Shareholders of record on Wednesday, April 13 received a dividend of $1.50. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $1.25. The ex-dividend date was Tuesday, April 12. This represents an annualized dividend of $6.00 and a dividend yield of 3.68%. The dividend payout ratio (DPR) of the PNC Financial Services group is currently 50.76%.

PNC Financial Services group profile (Get an evaluation)

The PNC Financial Services Group, Inc. operates as a diversified financial services company in the United States. The Company’s Retail Banking segment offers brokerage, insurance, investment and cash management services; checking, savings and money market accounts; certificates of deposit; and lending products, which include residential mortgages, home equity loans and lines of credit, auto loans, education loans and personal and small business loans, as well as consumer credit cards and to small businesses through a network of branches, ATMs, call centers, and online and mobile banking channels.

Read more

Want to see what other hedge funds own PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trading for The PNC Financial Services Group, Inc. (NYSE:PNC – Get Rating).

Institutional ownership by quarter for PNC Financial Services Group (NYSE:PNC)



Receive daily news and reviews for PNC Financial Services Group – Enter your email address below to receive a concise daily summary of breaking news and analyst ratings for PNC Financial Services Group and related companies with MarketBeat.com’s FREE daily newsletter.

Stephen V. Lee