Fifth Third Bancorp Trims Position in The PNC Financial Services Group, Inc $PNC

Fifth Third Bancorp trimmed its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.9% in the 4th quarter, HoldingsChannel.com reports. The fund owned 695,703 shares of the financial services provider’s stock after selling 20,709 shares during the quarter. Fifth Third Bancorp’s holdings in The PNC Financial Services Group were worth $145,214,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Viking Global Investors LP raised its holdings in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Wellington Management Group LLP lifted its position in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after purchasing an additional 1,162,964 shares during the period. AQR Capital Management LLC boosted its holdings in The PNC Financial Services Group by 32.6% in the third quarter. AQR Capital Management LLC now owns 4,425,905 shares of the financial services provider’s stock valued at $889,297,000 after purchasing an additional 1,086,941 shares during the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 6.0% in the third quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock valued at $2,177,318,000 after purchasing an additional 609,755 shares during the last quarter. Finally, First Trust Advisors LP grew its position in The PNC Financial Services Group by 27.4% during the 3rd quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock worth $401,650,000 after purchasing an additional 430,261 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Oppenheimer raised their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an “outperform” rating in a report on Thursday, April 16th. 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. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday. Finally, TD Cowen upped their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $241.72.

The PNC Financial Services Group Trading Up 2.1%

Shares of The PNC Financial Services Group stock opened at $223.25 on Friday. The firm has a 50-day simple moving average of $213.91 and a two-hundred day simple moving average of $208.29. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a fifty-two week low of $158.92 and a fifty-two week high of $243.94. The company has a market cap of $90.05 billion, a P/E ratio of 12.97, a price-to-earnings-growth ratio of 0.91 and a beta of 0.96.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The firm 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 company’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period last year, the firm earned $3.51 EPS. As a group, equities analysts predict 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 will be paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 39.51%.

Insiders Place Their Bets

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares of the company’s stock, valued at $448,563.16. This represents a 79.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 64,186 shares of company stock valued at $14,840,973 over the last ninety days. 0.38% of the stock is owned by corporate insiders.

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.