Jennison Associates LLC Lowers Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Jennison Associates LLC trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 17.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 759,538 shares of the financial services provider’s stock after selling 160,052 shares during the quarter. Jennison Associates LLC’s holdings in The PNC Financial Services Group were worth $117,614,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNC. FMR LLC lifted its holdings in shares of The PNC Financial Services Group by 6.7% in the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock worth $1,758,880,000 after buying an additional 893,808 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of The PNC Financial Services Group by 15,539.2% in the fourth quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock worth $99,727,000 after purchasing an additional 639,903 shares during the last quarter. Invesco Ltd. increased its position in shares of 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 worth $634,024,000 after purchasing an additional 484,475 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of The PNC Financial Services Group by 44.8% in the third quarter. Envestnet Asset Management Inc. now owns 1,541,886 shares of the financial services provider’s stock worth $189,297,000 after purchasing an additional 477,367 shares during the last quarter. Finally, Cambiar Investors LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $37,314,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $155.93 on Tuesday. The firm has a market cap of $62.03 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.72 and a beta of 1.18. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $162.24. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85. The business has a 50 day moving average price of $152.03 and a 200-day moving average price of $142.51.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.19 billion. During the same quarter last year, the firm posted $3.98 earnings per share. The firm’s revenue was down 8.2% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 12.62 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors 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 yield of 3.98%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s payout ratio is 52.06%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. UBS Group upped their price objective on shares of The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research report on Thursday, January 18th. Keefe, Bruyette & Woods restated an “underperform” rating and issued a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. The Goldman Sachs Group increased their price target on shares of 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 reduced 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 report on Wednesday, April 17th. Finally, StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 18th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $156.63.

Insider Buying and Selling

In related news, EVP Michael J. Hannon sold 3,000 shares of the firm’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is currently owned by insiders.

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.