Prudential Financial Inc. Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Prudential Financial Inc. increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 2.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 382,342 shares of the financial services provider’s stock after buying an additional 8,376 shares during the quarter. Prudential Financial Inc.’s holdings in The PNC Financial Services Group were worth $57,316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its stake in The PNC Financial Services Group by 7.0% during the 4th 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 purchasing an additional 860,489 shares during the last quarter. FMR LLC grew its stake in The PNC Financial Services Group by 5.8% during the 1st quarter. FMR LLC now owns 11,401,954 shares of the financial services provider’s stock valued at $1,449,188,000 after purchasing an additional 623,952 shares during the last quarter. Bank of America Corp DE grew its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. Bank of America Corp DE now owns 9,264,839 shares of the financial services provider’s stock valued at $1,463,289,000 after purchasing an additional 36,414 shares during the last quarter. Geode Capital Management LLC grew its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 7,047,208 shares of the financial services provider’s stock valued at $1,110,660,000 after purchasing an additional 27,301 shares during the last quarter. Finally, Morgan Stanley grew its stake in The PNC Financial Services Group by 28.7% during the 4th quarter. Morgan Stanley now owns 4,685,960 shares of the financial services provider’s stock valued at $740,101,000 after purchasing an additional 1,045,055 shares during the last quarter. 80.14% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNC. StockNews.com began coverage on The PNC Financial Services Group in a research note on Thursday, August 17th. They set a “sell” rating on the stock. Odeon Capital Group downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Friday, July 21st. Citigroup lowered their target price on The PNC Financial Services Group from $150.00 to $145.00 in a research note on Thursday, June 8th. Wells Fargo & Company lowered their target price on The PNC Financial Services Group from $186.00 to $176.00 in a research note on Wednesday, July 19th. Finally, Morgan Stanley upped their target price on The PNC Financial Services Group from $137.00 to $144.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 19th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus target price of $161.65.

Want More Great Investing Ideas?

Check Out Our Latest Analysis on The PNC Financial Services Group

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $119.50 on Wednesday. The stock has a market capitalization of $47.59 billion, a price-to-earnings ratio of 8.25, a PEG ratio of 1.12 and a beta of 1.15. The PNC Financial Services Group, Inc. has a twelve month low of $110.31 and a twelve month high of $170.27. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.33. The stock has a 50-day moving average of $127.07 and a 200 day moving average of $127.52.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Tuesday, July 18th. The financial services provider reported $3.36 EPS for the quarter, beating analysts’ consensus estimates of $3.31 by $0.05. The PNC Financial Services Group had a return on equity of 13.27% and a net margin of 21.97%. The business had revenue of $5.29 billion during the quarter, compared to analysts’ expectations of $5.45 billion. During the same quarter in the prior year, the firm earned $3.42 earnings per share. The business’s revenue was up 3.5% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.5 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, August 5th. Shareholders of record on Monday, July 17th were issued a dividend of $1.55 per share. The ex-dividend date was Friday, July 14th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 5.19%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.50. The PNC Financial Services Group’s dividend payout ratio is presently 42.49%.

About The PNC Financial Services Group

(Free Report)

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 certificates of 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.