Ferguson Wellman Capital Management Inc. trimmed its position in PNC Financial Services Group Inc (NYSE:PNC) by 4.1% in the 4th quarter, HoldingsChannel reports. The fund owned 16,491 shares of the financial services provider’s stock after selling 711 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in PNC Financial Services Group were worth $1,928,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. IMS Capital Management acquired a new stake in PNC Financial Services Group in the third quarter valued at approximately $28,000. Ipswich Investment Management Co. Inc. acquired a new stake in shares of PNC Financial Services Group during the fourth quarter worth $43,000. Stelac Advisory Services LLC acquired a new stake in shares of PNC Financial Services Group during the third quarter worth $118,000. Rational Advisors LLC lifted its position in PNC Financial Services Group by 248.4% during the third quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 641 shares during the period. Finally, TRUE Private Wealth Advisors acquired a new position in PNC Financial Services Group during the third quarter valued at $127,000. Institutional investors own 79.35% of the company’s stock.
A number of research analysts recently issued reports on the stock. Credit Suisse Group restated a “hold” rating and set a $146.00 target price on shares of PNC Financial Services Group in a research report on Thursday. Royal Bank of Canada cut their price objective on shares of PNC Financial Services Group to $150.00 and set an “average” rating for the company in a report on Thursday. ValuEngine cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Tuesday, December 11th. Barclays cut their target price on shares of PNC Financial Services Group from $173.00 to $156.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 2nd. Finally, Goldman Sachs Group cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating and cut their target price for the stock from $154.00 to $144.00 in a research note on Monday, January 7th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $147.25.
PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, January 16th. The financial services provider reported $2.75 EPS for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.04). The company had revenue of $4.34 billion for the quarter, compared to analysts’ expectations of $4.37 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.29 EPS. As a group, equities analysts anticipate that PNC Financial Services Group Inc will post 10.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, February 5th. Investors of record on Thursday, January 17th will be given a dividend of $0.95 per share. The ex-dividend date of this dividend is Wednesday, January 16th. This represents a $3.80 dividend on an annualized basis and a yield of 3.12%. PNC Financial Services Group’s payout ratio is presently 44.71%.
PNC Financial Services Group declared that its board has authorized a share repurchase program on Thursday, November 8th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
PNC Financial Services Group Profile
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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