Sonora Investment Management Group LLC Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sonora Investment Management Group LLC grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,087 shares of the financial services provider’s stock after acquiring an additional 1,741 shares during the quarter. Sonora Investment Management Group LLC’s holdings in The PNC Financial Services Group were worth $13,725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in The PNC Financial Services Group by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider’s stock valued at $7,273,794,000 after acquiring an additional 268,827 shares during the last quarter. Franklin Resources Inc. lifted its stake in The PNC Financial Services Group by 5.3% during the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider’s stock worth $2,089,622,000 after purchasing an additional 549,278 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of The PNC Financial Services Group by 10.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider’s stock worth $1,453,763,000 after purchasing an additional 726,115 shares in the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Finally, Northern Trust Corp raised its holdings in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider’s stock valued at $905,530,000 after buying an additional 608,375 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on PNC shares. TD Cowen began coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They set a “buy” rating and a $233.00 price target on the stock. Hsbc Global Res raised shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Barclays reduced their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Morgan Stanley lowered their target price on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a research note on Wednesday, April 16th. Finally, The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $180.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average target price of $202.67.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $178.71 on Tuesday. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The firm has a market capitalization of $70.69 billion, a P/E ratio of 13.00, a P/E/G ratio of 1.55 and a beta of 1.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The business has a fifty day simple moving average of $165.19 and a two-hundred day simple moving average of $183.04.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 601 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $160.00, for a total value of $96,160.00. Following the transaction, the chief executive officer now owns 563,573 shares of the company’s stock, valued at approximately $90,171,680. This trade represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,154 shares of company stock valued at $2,525,591 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Company Profile

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.