Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 792,902 shares of the financial services provider’s stock after buying an additional 35,794 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in The PNC Financial Services Group were worth $159,318,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Westfuller Advisors LLC purchased a new stake in The PNC Financial Services Group in the third quarter valued at $34,000. Bayforest Capital Ltd increased its position in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares in the last quarter. True Wealth Design LLC lifted its holdings in shares of The PNC Financial Services Group by 1,133.3% in the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 204 shares during the last quarter. Country Trust Bank boosted its position in shares of The PNC Financial Services Group by 38.9% in the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 68 shares during the period. Finally, Corundum Trust Company INC purchased a new position in The PNC Financial Services Group during the 3rd quarter worth approximately $49,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Up 0.4%

Shares of The PNC Financial Services Group stock opened at $222.82 on Friday. The company has a market cap of $89.88 billion, a P/E ratio of 13.43, a PEG ratio of 0.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The firm has a fifty day moving average of $222.25 and a two-hundred day moving average of $204.19.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter in the previous year, the firm earned $3.77 earnings per share. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.1%. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Insiders Place Their Bets

In related news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total transaction of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This represents a 18.49% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction on Wednesday, February 18th. The stock was 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 owned 21,120 shares of the company’s stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 64,186 shares of company stock valued at $14,840,973. Corporate insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research note on Tuesday, January 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. JPMorgan Chase & Co. increased their price target on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a research note on Monday, February 9th. Wells Fargo & Company lifted their price objective on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Tuesday, January 20th. Finally, Oppenheimer upped their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $234.44.

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.