CenterBook Partners LP Makes New $537,000 Investment in The PNC Financial Services Group, Inc $PNC

CenterBook Partners LP acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, Holdings Channel reports. The firm acquired 2,675 shares of the financial services provider’s stock, valued at approximately $537,000.

A number of other institutional investors have also recently added to or reduced their stakes in PNC. King Wealth Management Group purchased a new stake in shares of The PNC Financial Services Group in the third quarter worth about $200,000. Syon Capital LLC raised its stake in shares of The PNC Financial Services Group by 14.4% during the third quarter. Syon Capital LLC now owns 3,343 shares of the financial services provider’s stock valued at $672,000 after purchasing an additional 420 shares during the period. Advisors Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 5.1% during the third quarter. Advisors Capital Management LLC now owns 22,320 shares of the financial services provider’s stock worth $4,485,000 after purchasing an additional 1,077 shares in the last quarter. Jacobi Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 5.4% during the third quarter. Jacobi Capital Management LLC now owns 31,327 shares of the financial services provider’s stock worth $6,295,000 after purchasing an additional 1,609 shares in the last quarter. Finally, Axxcess Wealth Management LLC boosted its stake in shares of The PNC Financial Services Group by 13.7% in the third quarter. Axxcess Wealth Management LLC now owns 8,187 shares of the financial services provider’s stock valued at $1,645,000 after purchasing an additional 986 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 21,120 shares in the company, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the completion of the transaction, the executive vice president directly owned 18,867 shares in the company, valued at $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 14,186 shares of company stock worth $3,296,973 over the last ninety days. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Morgan Stanley upped 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 report on Tuesday, January 20th. TD Cowen increased their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Finally, JPMorgan Chase & Co. boosted their price target on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Fifteen analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group Trading Up 1.1%

NYSE PNC opened at $232.95 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. The company has a market cap of $91.35 billion, a PE ratio of 14.04, a PEG ratio of 0.97 and a beta of 0.99. The stock has a 50 day moving average of $221.41 and a 200-day moving average of $203.39. 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 PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company had revenue of $6.07 billion during the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter last year, the company posted $3.77 EPS. The PNC Financial Services Group’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. 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 dividend payout ratio is 40.99%.

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.