Korea Investment CORP Trims Holdings in The PNC Financial Services Group, Inc $PNC

Korea Investment CORP decreased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 47.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 186,772 shares of the financial services provider’s stock after selling 167,306 shares during the quarter. Korea Investment CORP’s holdings in The PNC Financial Services Group were worth $37,528,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Munich Reinsurance Co Stock Corp in Munich acquired a new position in The PNC Financial Services Group in the 3rd quarter worth approximately $4,900,000. Ameriflex Group Inc. lifted its stake in The PNC Financial Services Group by 101.3% during the 3rd quarter. Ameriflex Group Inc. now owns 1,572 shares of the financial services provider’s stock valued at $316,000 after acquiring an additional 791 shares during the period. Angeles Wealth Management LLC lifted its stake in The PNC Financial Services Group by 5.1% during the 3rd quarter. Angeles Wealth Management LLC now owns 1,256 shares of the financial services provider’s stock valued at $252,000 after acquiring an additional 61 shares during the period. Blair William & Co. IL boosted its holdings in shares of The PNC Financial Services Group by 12.0% in the 3rd quarter. Blair William & Co. IL now owns 56,166 shares of the financial services provider’s stock valued at $11,285,000 after acquiring an additional 6,015 shares during the last quarter. Finally, First Trust Advisors LP boosted its holdings in shares of The PNC Financial Services Group by 27.4% in the 3rd quarter. First Trust Advisors LP now owns 1,998,954 shares of the financial services provider’s stock valued at $401,650,000 after acquiring an additional 430,261 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent research reports. Barclays raised their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a report on Monday, January 5th. Oppenheimer increased their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. TD Cowen lifted their price objective on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Wells Fargo & Company boosted 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. Finally, JPMorgan Chase & Co. upped their target price on 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. Fifteen investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $234.44.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This represents a 8.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction dated 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 sale, the executive vice president owned 18,867 shares of the company’s stock, valued at $4,415,066.67. This trade represents a 18.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 in the last 90 days. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Trading Down 0.4%

Shares of The PNC Financial Services Group stock opened at $205.25 on Tuesday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94. The firm has a market capitalization of $82.79 billion, a PE ratio of 12.37, a P/E/G ratio of 0.86 and a beta of 0.98. The firm’s 50-day moving average price is $222.03 and its 200 day moving average price is $205.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The PNC Financial Services Group’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.77 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is currently 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.