Concurrent Investment Advisors LLC Boosts Holdings in The PNC Financial Services Group, Inc $PNC

Concurrent Investment Advisors LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 43.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,400 shares of the financial services provider’s stock after buying an additional 2,853 shares during the period. Concurrent Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,962,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Beacon Financial Strategies CORP purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $35,000. Westfuller Advisors LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $34,000. JPL Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $37,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth $39,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNC. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $251.00 to $237.50 and set an “overweight” rating on the stock in a research report on Tuesday, April 7th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective on the stock. TD Cowen raised their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Finally, Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus target price of $241.69.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the business’s stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total transaction of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 64,186 shares of company stock worth $14,840,973 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Down 0.2%

Shares of NYSE:PNC opened at $220.83 on Wednesday. The company has a market cap of $89.07 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.92 and a beta of 0.96. The firm’s 50-day simple moving average is $214.34 and its 200-day simple moving average is $208.12. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00. The PNC Financial Services Group, Inc has a fifty-two week low of $156.70 and a fifty-two week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.51 earnings per share. As a group, equities research 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be issued a $1.70 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

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.