Bp Plc Sells 9,000 Shares of PNC Financial Services Group Inc (PNC)

Bp Plc cut its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 15.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 49,000 shares of the financial services provider’s stock after selling 9,000 shares during the quarter. Bp Plc’s holdings in PNC Financial Services Group were worth $5,727,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Exencial Wealth Advisors LLC boosted its stake in PNC Financial Services Group by 2.9% in the third quarter. Exencial Wealth Advisors LLC now owns 29,614 shares of the financial services provider’s stock valued at $4,033,000 after acquiring an additional 847 shares during the last quarter. Russell Investments Group Ltd. boosted its position in shares of PNC Financial Services Group by 29.4% during the third quarter. Russell Investments Group Ltd. now owns 420,480 shares of the financial services provider’s stock worth $57,376,000 after purchasing an additional 95,532 shares in the last quarter. Delta Investment Management LLC bought a new position in shares of PNC Financial Services Group during the fourth quarter worth $350,000. Paradigm Asset Management Co. LLC bought a new position in shares of PNC Financial Services Group during the third quarter worth $3,772,000. Finally, First Bank & Trust bought a new position in shares of PNC Financial Services Group during the fourth quarter worth $439,000. 80.61% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have recently weighed in on PNC shares. Barclays reduced their price target on shares of PNC Financial Services Group from $173.00 to $156.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 2nd. ValuEngine cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Tuesday, December 11th. Bank of America cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research report on Thursday, January 10th. BMO Capital Markets cut shares of PNC Financial Services Group from an “outperform” rating to a “market perform” rating and set a $139.00 price target on the stock. in a research report on Monday, November 19th. They noted that the move was a valuation call. Finally, Morgan Stanley reduced their price target on shares of PNC Financial Services Group from $147.00 to $135.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 8th. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $145.45.

In related news, insider Michael J. Hannon sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 22nd. The shares were sold at an average price of $124.82, for a total value of $624,100.00. Following the sale, the insider now directly owns 53,239 shares of the company’s stock, valued at approximately $6,645,291.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Q. Reilly sold 12,361 shares of the business’s stock in a transaction on Friday, February 8th. The shares were sold at an average price of $122.50, for a total transaction of $1,514,222.50. Following the completion of the sale, the executive vice president now directly owns 118,671 shares in the company, valued at $14,537,197.50. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

PNC opened at $121.48 on Thursday. The firm has a market capitalization of $56.82 billion, a P/E ratio of 11.34, a P/E/G ratio of 1.43 and a beta of 1.04. PNC Financial Services Group Inc has a 12 month low of $108.45 and a 12 month high of $163.59. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 1.20.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, January 16th. The financial services provider reported $2.75 EPS for the quarter, missing the consensus estimate of $2.79 by ($0.04). The company had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.37 billion. PNC Financial Services Group had a net margin of 26.51% and a return on equity of 11.23%. The company’s revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.29 earnings per share. As a group, equities analysts forecast that PNC Financial Services Group Inc will post 11.33 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 5th. Investors of record on Thursday, January 17th were given a $0.95 dividend. The ex-dividend date of this dividend was Wednesday, January 16th. This represents a $3.80 annualized dividend and a yield of 3.13%. PNC Financial Services Group’s dividend payout ratio is currently 35.48%.

PNC Financial Services Group announced that its board has approved a stock repurchase plan on Thursday, November 8th that authorizes the company to repurchase $900.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

COPYRIGHT VIOLATION WARNING: “Bp Plc Sells 9,000 Shares of PNC Financial Services Group Inc (PNC)” was first published by American Banking News and is owned by of American Banking News. If you are reading this story on another site, it was stolen and reposted in violation of U.S. & international copyright and trademark law. The legal version of this story can be viewed at https://www.americanbankingnews.com/2019/02/14/bp-plc-sells-9000-shares-of-pnc-financial-services-group-inc-pnc.html.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

See Also: Bond

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply