Channing Capital Management LLC Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Channing Capital Management LLC raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 15.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 56,052 shares of the financial services provider’s stock after acquiring an additional 7,296 shares during the quarter. Channing Capital Management LLC’s holdings in The PNC Financial Services Group were worth $11,263,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. Westfuller Advisors LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $34,000. FNY Investment Advisers LLC purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $37,000. True Wealth Design LLC grew its position in shares of The PNC Financial Services Group by 1,133.3% in the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock worth $41,000 after buying an additional 204 shares during the last quarter. Bayforest Capital Ltd increased its stake in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after buying an additional 147 shares during the period. Finally, Corundum Trust Company INC bought a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $49,000. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction dated Wednesday, February 18th. The shares were 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 of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares of the company’s stock, valued at $448,563.16. This trade represents a 79.23% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 14,186 shares of company stock worth $3,296,973 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $232.95 on Friday. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $243.94. The company has a 50 day simple moving average of $221.41 and a two-hundred day simple moving average of $203.39. The company has a market capitalization of $91.35 billion, a price-to-earnings ratio of 14.04, a P/E/G ratio of 0.97 and a beta of 0.99. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.81 and a current ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same period in the previous year, the firm posted $3.77 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. Analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is currently 40.99%.

Analyst Ratings Changes

Several analysts recently weighed in on PNC shares. Morgan Stanley lifted their price target 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. TD Cowen boosted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Royal Bank Of Canada increased their price target 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. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Finally, Barclays upped their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group 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.