Royal London Asset Management Ltd. Increases Position in The PNC Financial Services Group, Inc $PNC

Royal London Asset Management Ltd. grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 428,549 shares of the financial services provider’s stock after acquiring an additional 63,661 shares during the period. Royal London Asset Management Ltd.’s holdings in The PNC Financial Services Group were worth $89,451,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Quarry LP purchased a new position in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the 4th quarter valued at $29,000. Beacon Financial Strategies CORP bought a new position in The PNC Financial Services Group in the 4th quarter valued at $35,000. Cornerstone Planning Group LLC boosted its holdings in The PNC Financial Services Group by 2,100.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 176 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 168 shares during the period. Finally, JPL Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth $37,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on PNC shares. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 target price on the stock. Barclays upped their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, May 8th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $235.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $243.11.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC stock opened at $237.51 on Friday. The stock has a market capitalization of $95.38 billion, a PE ratio of 13.80, a price-to-earnings-growth ratio of 0.97 and a beta of 0.92. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The stock’s 50 day simple moving average is $220.85 and its 200 day simple moving average is $216.10.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.51 EPS. As a group, research analysts forecast that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 2.9%. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.