Heritage Trust Co Acquires New Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Heritage Trust Co bought a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 17,674 shares of the financial services provider’s stock, valued at approximately $3,408,000.

A number of other hedge funds have also bought and sold shares of the stock. Mechanics Financial Corp purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at $541,000. AssuredPartners Investment Advisors LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth about $739,000. Premier Fund Managers Ltd increased its holdings in shares of The PNC Financial Services Group by 38.3% in the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock valued at $9,511,000 after purchasing an additional 13,700 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of The PNC Financial Services Group by 25.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 40,074 shares of the financial services provider’s stock worth $7,739,000 after purchasing an additional 8,081 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 48.5% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 26,758 shares of the financial services provider’s stock worth $5,160,000 after purchasing an additional 8,735 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 601 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total transaction of $96,160.00. Following the transaction, the chief executive officer now owns 563,573 shares in the company, valued at approximately $90,171,680. This trade represents a 0.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders sold 12,420 shares of company stock valued at $2,276,870. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of several research reports. Morgan Stanley cut their price target on shares of The PNC Financial Services Group from $188.00 to $179.00 and set an “underweight” rating on the stock in a report on Monday. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Barclays boosted their target price on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research report on Monday, January 6th. Citigroup reduced their price objective on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Finally, Wells Fargo & Company lowered their target price on The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research note on Friday, March 28th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $203.47.

The PNC Financial Services Group Trading Down 5.1 %

PNC stock opened at $151.99 on Friday. The business’s 50-day moving average is $179.25 and its 200 day moving average is $190.38. The PNC Financial Services Group, Inc. has a 12-month low of $143.52 and a 12-month high of $216.26. The stock has a market cap of $60.15 billion, a price-to-earnings ratio of 11.05, a PEG ratio of 1.55 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the prior year, the company earned $3.16 EPS. The firm’s revenue was up 3.8% compared to the same quarter last year. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 4.21%. The PNC Financial Services Group’s payout ratio is presently 46.55%.

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.