Swiss Life Asset Management Ltd Buys 11,476 Shares of The PNC Financial Services Group, Inc $PNC

Swiss Life Asset Management Ltd boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 19.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,427 shares of the financial services provider’s stock after acquiring an additional 11,476 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in The PNC Financial Services Group were worth $13,950,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of The PNC Financial Services Group by 12.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after purchasing an additional 6,572 shares during the last quarter. US Bancorp DE boosted its stake in shares of The PNC Financial Services Group by 13.4% during the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after acquiring an additional 34,009 shares during the period. Envestnet Asset Management Inc. raised its stake in The PNC Financial Services Group by 1.2% in the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock valued at $369,169,000 after acquiring an additional 22,325 shares during the period. National Pension Service lifted its holdings in The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after purchasing an additional 26,305 shares during the last quarter. Finally, Savant Capital LLC boosted its position in The PNC Financial Services Group by 8.7% during the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock worth $17,672,000 after purchasing an additional 7,064 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $202.10 on Friday. The firm’s fifty day simple moving average is $220.32 and its two-hundred day simple moving average is $205.17. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94. The stock has a market capitalization of $81.52 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 0.90 and a beta of 0.98. 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 (NYSE:PNC) last issued 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 firm had revenue of $6.07 billion during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the business posted $3.77 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced 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 dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 40.99%.

Insider Activity

In other news, EVP Louis Robert Cestello sold 4,279 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This trade represents a 18.49% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PNC has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Barclays upped their target price on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. JPMorgan Chase & Co. increased 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. Finally, Oppenheimer boosted their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $234.44.

About The PNC Financial Services Group

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.