SVB Wealth LLC Lowers Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

SVB Wealth LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 24.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 9,791 shares of the financial services provider’s stock after selling 3,223 shares during the period. SVB Wealth LLC’s holdings in The PNC Financial Services Group were worth $1,516,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Rockline Wealth Management LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $1,825,000. KPP Advisory Services LLC purchased a new position in The PNC Financial Services Group in the 3rd quarter worth approximately $323,000. AQR Capital Management LLC raised its holdings in The PNC Financial Services Group by 144.2% in the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock worth $14,032,000 after acquiring an additional 67,490 shares during the last quarter. Trust Point Inc. purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $459,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $295,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a report on Tuesday, January 30th. Evercore ISI cut their target price on shares of The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday. Bank of America lifted their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research report on Wednesday. Jefferies Financial Group cut their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating for the company in a research report on Wednesday. Finally, StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $156.63.

The PNC Financial Services Group Trading Up 0.4 %

Shares of PNC stock opened at $147.82 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $162.24. The firm has a fifty day moving average price of $151.80 and a 200-day moving average price of $141.72. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.84. The company has a market cap of $58.80 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.69 and a beta of 1.18.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The company’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.98 EPS. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 12.47 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 Sunday, May 5th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 4.19%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Insider Buying and Selling

In related news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.42% of the stock is currently owned by insiders.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.