Royal Bank of Canada Has $689.08 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Royal Bank of Canada increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,573,162 shares of the financial services provider’s stock after buying an additional 179,760 shares during the quarter. Royal Bank of Canada’s holdings in The PNC Financial Services Group were worth $689,084,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. grew its position in The PNC Financial Services Group by 2,333.3% during the fourth quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after buying an additional 140 shares in the last quarter. Albion Financial Group UT acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $30,000. Synergy Asset Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Rialto Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $32,000. Finally, Whipplewood Advisors LLC acquired a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.0%

Shares of PNC opened at $179.45 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $70.98 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 1.55 and a beta of 1.06. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a fifty day moving average of $164.86 and a 200-day moving average of $186.23.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. As a group, sell-side analysts anticipate 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 business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.57%. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Activity at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff acquired 1,000 shares of the firm’s stock in a transaction that occurred on Friday, April 25th. The stock was acquired at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the completion of the acquisition, the director now directly owns 2,009 shares of the company’s stock, valued at approximately $317,863.98. This trade represents a 99.11% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,396 shares of company stock worth $2,789,603 over the last three months. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reduced their price target on The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a research report on Wednesday, April 16th. Royal Bank of Canada cut their target price 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. Hsbc Global Res upgraded The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Barclays cut 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 research note on Wednesday, April 16th. Finally, HSBC upgraded The PNC Financial Services Group from a “hold” rating to a “buy” rating and cut their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $202.67.

The PNC Financial Services Group Company 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.