Payden & Rygel Buys Shares of 83,000 The PNC Financial Services Group, Inc. (NYSE:PNC)

Payden & Rygel acquired a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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 have also recently bought and sold shares of the company. Winch Advisory Services LLC acquired a new position in The PNC Financial Services Group in the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. increased its stake in shares of The PNC Financial Services Group by 2,333.3% during the 4th quarter. Richardson Financial Services Inc. now owns 146 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 140 shares during the last quarter. Albion Financial Group UT acquired a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at $30,000. Rialto Wealth Management LLC bought a new stake in The PNC Financial Services Group in the fourth quarter worth $32,000. Finally, Synergy Asset Management LLC acquired a new position in The PNC Financial Services Group during the fourth quarter worth $32,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $152.85 on Friday. The firm has a market capitalization 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 PNC Financial Services Group, Inc. has a one year low of $143.52 and a one year high of $216.26. The business has a fifty day simple moving average of $184.93 and a 200 day simple moving average of $191.66. 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 (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.51 billion. During the same quarter in the prior year, the company posted $3.16 EPS. The business’s revenue was up 3.8% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

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

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $198.00, for a total value of $245,916.00. Following the sale, the chief executive officer now directly owns 525,071 shares in the company, valued at $103,964,058. This represents a 0.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 12,420 shares of company stock worth $2,320,739. Company insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. The Goldman Sachs Group decreased their price target on The PNC Financial Services Group from $211.00 to $188.00 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Citigroup lowered their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating on the stock in a report on Monday, March 24th. Hsbc Global Res upgraded shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 31st. Stephens reiterated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Finally, Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $199.00 to $208.00 and gave the stock an “underweight” rating in a research report on Friday, January 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $205.18.

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.