Arrowstreet Capital Limited Partnership Has $129.81 Million Position in The PNC Financial Services Group, Inc $PNC

Arrowstreet Capital Limited Partnership decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.4% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 621,887 shares of the financial services provider’s stock after selling 64,751 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in The PNC Financial Services Group were worth $129,806,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the period. State Street Corp grew its position in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares during the period. Capital International Investors increased its stake in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the last quarter. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $1,967,080,000. Finally, Geode Capital Management LLC raised its position in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PNC has been the subject of a number of analyst reports. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective for the company. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Keefe, Bruyette & Woods lifted their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an “overweight” rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $246.72.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $230.01 on Tuesday. The stock has a market capitalization of $92.36 billion, a PE ratio of 13.36, a P/E/G ratio of 0.99 and a beta of 0.92. The firm has a fifty day simple moving average of $221.21 and a 200 day simple moving average of $216.56. The PNC Financial Services Group, Inc has a 1-year low of $172.88 and a 1-year high of $243.94. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.51 EPS. On average, research analysts expect that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.0%. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

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.