Point72 Europe London LLP Buys 41,652 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Point72 Europe London LLP lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 40.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 143,494 shares of the financial services provider’s stock after purchasing an additional 41,652 shares during the quarter. The PNC Financial Services Group comprises about 1.6% of Point72 Europe London LLP’s investment portfolio, making the stock its 19th biggest position. Point72 Europe London LLP’s holdings in The PNC Financial Services Group were worth $27,673,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Mechanics Financial Corp bought a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $541,000. AssuredPartners Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $739,000. Premier Fund Managers Ltd increased its position in 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 worth $9,511,000 after purchasing an additional 13,700 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in 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 raised its stake in 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 valued at $5,160,000 after purchasing an additional 8,735 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on PNC. HSBC raised shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Keefe, Bruyette & Woods reduced their price objective on The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a research note on Wednesday, April 16th. Royal Bank of Canada lowered their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating for the company in a research note on Wednesday, April 16th. Finally, Barclays dropped their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $200.88.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were sold at an average price of $190.18, for a total transaction of $236,203.56. Following the completion of the transaction, the chief executive officer now owns 569,783 shares of the company’s stock, valued at $108,361,330.94. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president now owns 20,490 shares of the company’s stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,396 shares of company stock valued at $2,789,603. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.3%

Shares of NYSE PNC opened at $178.04 on Thursday. The firm has a market cap of $70.43 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a twelve month low of $145.12 and a twelve month high of $216.26. The business has a fifty day simple moving average of $164.57 and a two-hundred day simple moving average of $186.36.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. Analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued a dividend of $1.60 per share. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.59%. The PNC Financial Services Group’s dividend payout ratio is presently 45.20%.

The PNC Financial Services Group Profile

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.