PNC Financial Services Group Inc. Has $323.29 Million Position in Facebook, Inc. (NASDAQ:FB)

PNC Financial Services Group Inc. lowered its holdings in shares of Facebook, Inc. (NASDAQ:FB) by 0.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,423,731 shares of the social networking company’s stock after selling 11,828 shares during the period. PNC Financial Services Group Inc.’s holdings in Facebook were worth $323,288,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Capital International Investors lifted its holdings in shares of Facebook by 14.1% during the first quarter. Capital International Investors now owns 51,583,155 shares of the social networking company’s stock valued at $8,604,068,000 after acquiring an additional 6,394,036 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Facebook by 36.9% during the first quarter. Wellington Management Group LLP now owns 15,704,846 shares of the social networking company’s stock valued at $2,619,569,000 after acquiring an additional 4,236,566 shares during the period. Copper Rock Capital Partners LLC lifted its holdings in shares of Facebook by 6,224.9% during the second quarter. Copper Rock Capital Partners LLC now owns 3,959,790 shares of the social networking company’s stock valued at $821,695,000 after acquiring an additional 3,897,184 shares during the period. Public Investment Fund bought a new position in shares of Facebook during the first quarter valued at $521,859,000. Finally, GQG Partners LLC bought a new position in shares of Facebook during the second quarter valued at $590,767,000. Hedge funds and other institutional investors own 65.31% of the company’s stock.

In other news, VP Jennifer Newstead sold 426 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $270.64, for a total transaction of $115,292.64. Following the sale, the vice president now owns 3,860 shares in the company, valued at approximately $1,044,670.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO David M. Wehner sold 1,806 shares of the company’s stock in a transaction that occurred on Saturday, August 15th. The stock was sold at an average price of $261.24, for a total value of $471,799.44. The disclosure for this sale can be found here. Insiders sold a total of 32,669 shares of company stock worth $9,039,215 in the last 90 days. Company insiders own 14.14% of the company’s stock.

FB has been the subject of a number of analyst reports. JMP Securities lifted their price objective on Facebook from $250.00 to $305.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Oppenheimer reaffirmed a “buy” rating and issued a $270.00 price target (up from $240.00) on shares of Facebook in a report on Friday, July 31st. Citigroup lifted their price target on Facebook from $275.00 to $315.00 and gave the company a “buy” rating in a report on Monday, August 24th. They noted that the move was a valuation call. MKM Partners lifted their price target on Facebook from $240.00 to $290.00 in a report on Wednesday, July 15th. Finally, Pivotal Research lifted their price target on Facebook from $225.00 to $275.00 and gave the company a “hold” rating in a report on Friday, July 31st. One analyst has rated the stock with a sell rating, six have given a hold rating, forty-three have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $281.33.

NASDAQ FB traded up $6.27 during trading on Tuesday, hitting $272.42. The stock had a trading volume of 18,224,896 shares, compared to its average volume of 23,845,854. The company has a market capitalization of $758.21 billion, a PE ratio of 33.25, a P/E/G ratio of 1.75 and a beta of 1.25. The company’s 50-day moving average price is $266.83 and its two-hundred day moving average price is $220.09. Facebook, Inc. has a 12 month low of $137.10 and a 12 month high of $304.67.

Facebook (NASDAQ:FB) last released its earnings results on Thursday, July 30th. The social networking company reported $1.80 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.44 by $0.36. The firm had revenue of $18.69 billion for the quarter, compared to analysts’ expectations of $17.29 billion. Facebook had a return on equity of 22.90% and a net margin of 31.29%. Sell-side analysts expect that Facebook, Inc. will post 8.06 EPS for the current year.

Facebook Company Profile

Facebook, Inc provides various products to connect and share through mobile devices, personal computers, and other surfaces worldwide. The company's products include Facebook that enables people to connect, share, discover, and communicate with each other on mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; Messenger, a messaging application for people to connect with friends, family, groups, and businesses across platforms and devices; and WhatsApp, a messaging application for use by people and businesses to communicate in a private way.

Further Reading: What are Closed-End Mutual Funds?

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Institutional Ownership by Quarter for Facebook (NASDAQ:FB)

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