Sumitomo Life Insurance Co. Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Life Insurance Co. cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,949 shares of the financial services provider’s stock after selling 359 shares during the period. Sumitomo Life Insurance Co.’s holdings in The PNC Financial Services Group were worth $1,076,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. OFI Invest Asset Management bought a new position in The PNC Financial Services Group during the third quarter valued at approximately $25,000. BKM Wealth Management LLC bought a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $26,000. Tennessee Valley Asset Management Partners bought a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $26,000. Fortitude Family Office LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $28,000. Finally, Householder Group Estate & Retirement Specialist LLC lifted its stake in shares of The PNC Financial Services Group by 350.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $149.56 on Tuesday. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 1.42. The stock’s fifty day moving average price is $151.88 and its 200-day moving average price is $141.47. The firm has a market cap of $59.50 billion, a P/E ratio of 11.69, a P/E/G ratio of 1.73 and a beta of 1.18. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, January 16th. The financial services provider reported $3.16 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $1.04. The PNC Financial Services Group had a net margin of 17.50% and a return on equity of 12.27%. The business had revenue of $5.36 billion for the quarter, compared to the consensus estimate of $5.30 billion. During the same quarter last year, the firm posted $3.49 EPS. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. On average, equities research analysts expect that The PNC Financial Services Group, Inc. will post 12.42 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 Sunday, May 5th. Investors of record on Monday, April 15th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 4.15%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s payout ratio is 48.48%.

Analyst Ratings Changes

Several research firms have recently issued reports on PNC. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, April 1st. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $164.00 to $171.00 and gave the company a “hold” rating in a research note on Monday, April 8th. UBS Group raised their price objective on The PNC Financial Services Group from $160.00 to $163.00 and gave the company a “neutral” rating in a research note on Thursday, January 18th. Finally, Morgan Stanley raised their price target on The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 30th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $157.10.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.42% of the stock is currently owned by insiders.

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.