Sumitomo Mitsui DS Asset Management Company Ltd Lowers Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Mitsui DS Asset Management Company Ltd cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 15.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 43,466 shares of the financial services provider’s stock after selling 7,841 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in The PNC Financial Services Group were worth $6,731,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. BKM Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $26,000. Tennessee Valley Asset Management Partners acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $26,000. Householder Group Estate & Retirement Specialist LLC grew its position in 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 acquiring an additional 140 shares in the last quarter. Fortitude Family Office LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $28,000. Finally, OFI Invest Asset Management acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNC shares. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Evercore ISI decreased their target price on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Bank of America boosted their target price on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Finally, Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $156.63.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $152.30 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The stock has a 50 day moving average of $151.89 and a two-hundred day moving average of $142.26. The stock has a market cap of $60.59 billion, a P/E ratio of 12.79, a P/E/G ratio of 1.72 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.98 earnings per share. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.07%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Insider Activity

In other news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.42% of the company’s stock.

About The PNC Financial Services Group

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.