Resonant Capital Advisors LLC Reduces Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Resonant Capital Advisors LLC cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,653 shares of the financial services provider’s stock after selling 2,246 shares during the quarter. Resonant Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $2,579,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNC. FMR LLC raised its stake in shares of The PNC Financial Services Group by 6.7% during the 3rd quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after buying an additional 893,808 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position in The PNC Financial Services Group by 7.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 13,070,513 shares of the financial services provider’s stock valued at $2,064,357,000 after acquiring an additional 860,489 shares in the last quarter. Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 2.4% in the first quarter. Geode Capital Management LLC now owns 7,219,084 shares of the financial services provider’s stock valued at $915,146,000 after acquiring an additional 171,876 shares during the period. Invesco Ltd. lifted its holdings in The PNC Financial Services Group by 10.4% in the third quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock valued at $634,024,000 after acquiring an additional 484,475 shares during the period. Finally, Northern Trust Corp boosted its position in The PNC Financial Services Group by 2.0% in the 3rd quarter. Northern Trust Corp now owns 4,702,020 shares of the financial services provider’s stock worth $577,267,000 after purchasing an additional 93,636 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on PNC. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a report on Wednesday. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday. The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Evercore ISI dropped their price target on shares of The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price objective for the stock from $141.00 to $155.00 in a research report on Thursday, March 28th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $156.63.

Insiders Place Their Bets

In other news, EVP Michael J. Hannon sold 3,000 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at approximately $5,442,347.40. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC traded up $3.48 during midday trading on Friday, hitting $151.37. The company’s stock had a trading volume of 1,655,651 shares, compared to its average volume of 2,137,783. The company has a market cap of $60.22 billion, a P/E ratio of 12.76, a price-to-earnings-growth ratio of 1.69 and a beta of 1.18. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $162.24. The business’s 50 day simple moving average is $151.80 and its 200 day simple moving average is $141.72. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.01. The business had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.98 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 12.47 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Monday, April 15th will be paid a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 52.06%.

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.