Caprock Group LLC Acquires Shares of 21,023 The PNC Financial Services Group, Inc $PNC

Caprock Group LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the third quarter, according to its most recent filing with the SEC. The fund bought 21,023 shares of the financial services provider’s stock, valued at approximately $4,361,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Impax Asset Management Group plc raised its position in The PNC Financial Services Group by 176.7% in the third quarter. Impax Asset Management Group plc now owns 15,949 shares of the financial services provider’s stock worth $3,205,000 after acquiring an additional 10,186 shares during the period. Krilogy Financial LLC purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $2,529,000. Stratos Wealth Partners LTD. raised its holdings in shares of The PNC Financial Services Group by 14.4% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 36,216 shares of the financial services provider’s stock worth $7,277,000 after purchasing an additional 4,558 shares during the period. Midwest Trust Co lifted its stake in The PNC Financial Services Group by 0.8% in the third quarter. Midwest Trust Co now owns 141,412 shares of the financial services provider’s stock valued at $28,414,000 after purchasing an additional 1,106 shares during the last quarter. Finally, Edgemoor Investment Advisors Inc. purchased a new position in The PNC Financial Services Group in the third quarter valued at approximately $375,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 1.9%

Shares of NYSE PNC opened at $235.66 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94. The business has a 50-day moving average of $217.58 and a 200-day moving average of $201.42. The firm has a market capitalization of $92.42 billion, a price-to-earnings ratio of 14.21, a PEG ratio of 1.00 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The PNC Financial Services Group’s revenue for the quarter was up 9.1% on a year-over-year basis. During the same period in the previous year, the business posted $3.77 earnings per share. Sell-side 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 company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 40.99%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Morgan Stanley boosted their target price on The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Royal Bank Of Canada lifted their target price on shares of The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Barclays upped their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research note on Monday, January 5th. Finally, Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average price target of $234.44.

About The PNC Financial Services Group

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.