Royal London Asset Management Ltd. Acquires 63,661 Shares of The PNC Financial Services Group, Inc $PNC

Royal London Asset Management Ltd. lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 428,549 shares of the financial services provider’s stock after purchasing an additional 63,661 shares during the quarter. Royal London Asset Management Ltd. owned 0.11% of The PNC Financial Services Group worth $89,451,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in PNC. Vanguard Group Inc. grew its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after buying an additional 408,464 shares during the last quarter. State Street Corp increased its holdings in shares of The PNC Financial Services Group by 0.5% during the third quarter. State Street Corp now owns 17,242,132 shares of the financial services provider’s stock worth $3,464,462,000 after buying an additional 85,291 shares in the last quarter. Capital International Investors increased its holdings in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth $1,967,080,000. Finally, Geode Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after buying an additional 30,078 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value 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 represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.38% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on PNC shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Barclays lifted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Bank of America increased their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Finally, 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 research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $243.11.

The PNC Financial Services Group Stock Up 1.5%

Shares of NYSE:PNC opened at $237.51 on Friday. The firm has a market cap of $95.38 billion, a P/E ratio of 13.80, a P/E/G ratio of 0.97 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 12-month low of $172.73 and a 12-month high of $243.94. The business has a fifty day simple moving average of $220.85 and a 200 day simple moving average of $216.10.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates 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 PNC Financial Services Group’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the company earned $3.51 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

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

The PNC Financial Services Group Company Profile

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.