Payden & Rygel Purchases New Shares in The PNC Financial Services Group, Inc. (NYSE:PNC)

Payden & Rygel acquired a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 83,000 shares of the financial services provider’s stock, valued at approximately $16,007,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNC. Baltimore Washington Financial Advisors Inc. raised its stake in The PNC Financial Services Group by 3.1% in the 4th quarter. Baltimore Washington Financial Advisors Inc. now owns 1,680 shares of the financial services provider’s stock valued at $324,000 after acquiring an additional 51 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its holdings in shares of The PNC Financial Services Group by 2.4% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 2,248 shares of the financial services provider’s stock valued at $434,000 after purchasing an additional 53 shares during the last quarter. Transcend Capital Advisors LLC lifted its stake in shares of The PNC Financial Services Group by 1.8% during the 4th quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock worth $616,000 after buying an additional 55 shares during the last quarter. Valmark Advisers Inc. boosted its holdings in shares of The PNC Financial Services Group by 1.4% during the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock worth $773,000 after buying an additional 56 shares during the period. Finally, Gilbert & Cook Inc. grew its stake in The PNC Financial Services Group by 2.1% in the 4th quarter. Gilbert & Cook Inc. now owns 2,787 shares of the financial services provider’s stock valued at $537,000 after buying an additional 58 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Citigroup decreased their target price on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a research report on Monday, March 24th. Barclays upped their price objective on The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a report on Monday, January 6th. HSBC raised The PNC Financial Services Group from a “hold” rating to a “buy” rating and dropped their target price for the stock from $206.00 to $202.00 in a report on Monday, March 31st. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $205.18.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $171.15, for a total transaction of $212,568.30. Following the sale, the chief executive officer now directly owns 567,299 shares in the company, valued at approximately $97,093,223.85. The trade was a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders sold a total of 12,420 shares of company stock valued at $2,320,739 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Down 5.2 %

Shares of NYSE PNC opened at $152.85 on Friday. The company has a market cap of $60.49 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.55 and a beta of 1.04. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $143.52 and a 12 month high of $216.26. The stock has a 50-day moving average price of $184.93 and a two-hundred day moving average price of $191.66.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.26 by $0.51. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same period in the prior year, the company earned $3.16 EPS. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, analysts forecast that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 5th. Investors of record on Wednesday, April 16th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 4.19%. The PNC Financial Services Group’s dividend payout ratio is currently 46.55%.

The PNC Financial Services Group 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.