Artisan Partners Limited Partnership Acquires 15,431 Shares of The PNC Financial Services Group, Inc $PNC

Artisan Partners Limited Partnership raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 603,290 shares of the financial services provider’s stock after buying an additional 15,431 shares during the quarter. Artisan Partners Limited Partnership owned about 0.15% of The PNC Financial Services Group worth $121,219,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group in the third quarter valued at $34,000. True Wealth Design LLC boosted its stake in shares of The PNC Financial Services Group by 1,133.3% during the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 204 shares in the last quarter. Bayforest Capital Ltd boosted its stake in shares of The PNC Financial Services Group by 237.1% during the 3rd quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 147 shares in the last quarter. Corundum Trust Company INC purchased a new position in shares of The PNC Financial Services Group during the third quarter valued at about $49,000. Finally, Country Trust Bank raised its stake in The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after buying an additional 68 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $211.85 on Friday. The firm has a market cap of $85.46 billion, a PE ratio of 12.77, a P/E/G ratio of 0.93 and a beta of 0.99. The stock has a 50-day moving average price of $222.28 and a 200-day moving average price of $204.35. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $243.94. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating analysts’ consensus estimates 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 was up 9.1% compared to the same quarter last year. During the same period last year, the business earned $3.77 EPS. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 40.99%.

Analysts Set New Price Targets

PNC has been the topic of several research reports. Barclays lifted their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Royal Bank Of Canada upped their price target on 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. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. Finally, Keefe, Bruyette & Woods upped their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Fifteen investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average target price of $234.44.

Insider Activity

In related news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the transaction, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. This represents a 8.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president owned 21,120 shares in the company, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last quarter. Insiders own 0.41% of the company’s stock.

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.