Basswood Capital Management L.L.C. Grows Stake in The PNC Financial Services Group, Inc $PNC

Basswood Capital Management L.L.C. grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,712 shares of the financial services provider’s stock after purchasing an additional 4,217 shares during the period. The PNC Financial Services Group makes up 1.3% of Basswood Capital Management L.L.C.’s portfolio, making the stock its 21st biggest holding. Basswood Capital Management L.L.C.’s holdings in The PNC Financial Services Group were worth $32,293,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Brown Advisory Inc. grew its position in shares of The PNC Financial Services Group by 1.0% during the 4th quarter. Brown Advisory Inc. now owns 103,591 shares of the financial services provider’s stock valued at $21,622,000 after purchasing an additional 1,036 shares in the last quarter. Arete Wealth Advisors LLC grew its position in shares of The PNC Financial Services Group by 64.4% during the 4th quarter. Arete Wealth Advisors LLC now owns 2,209 shares of the financial services provider’s stock valued at $461,000 after purchasing an additional 865 shares in the last quarter. Jacobi Capital Management LLC grew its position in shares of The PNC Financial Services Group by 1.3% during the 4th quarter. Jacobi Capital Management LLC now owns 31,732 shares of the financial services provider’s stock valued at $6,623,000 after purchasing an additional 405 shares in the last quarter. FORA Capital LLC grew its position in shares of The PNC Financial Services Group by 274.3% during the 4th quarter. FORA Capital LLC now owns 11,179 shares of the financial services provider’s stock valued at $2,333,000 after purchasing an additional 8,192 shares in the last quarter. Finally, Kestra Advisory Services LLC grew its position in shares of The PNC Financial Services Group by 8.3% during the 4th quarter. Kestra Advisory Services LLC now owns 138,329 shares of the financial services provider’s stock valued at $28,873,000 after purchasing an additional 10,633 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $237.51 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $172.73 and a 52-week high of $243.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The company has a market capitalization of $95.37 billion, a P/E ratio of 13.80, a P/E/G ratio of 0.99 and a beta of 0.92. The company has a fifty day moving average of $220.85 and a 200-day moving average of $216.10.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the firm posted $3.51 EPS. The firm’s revenue was up 13.1% compared to the same quarter last year. As a group, equities research analysts predict that The PNC Financial Services Group, Inc will post 18.93 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 2.9%. The PNC Financial Services Group’s payout ratio is currently 39.51%.

Analysts Set New Price Targets

PNC has been the subject of a number of recent analyst reports. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Bank of America lifted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, May 8th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a “buy” rating and a $250.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.11.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group 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.