Tiaa Fsb Has $11.71 Million Stake in PNC Financial Services Group Inc (PNC)

Tiaa Fsb lifted its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 2.3% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 85,964 shares of the financial services provider’s stock after acquiring an additional 1,921 shares during the period. Tiaa Fsb’s holdings in PNC Financial Services Group were worth $11,707,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PNC. Point72 Asset Management L.P. acquired a new position in shares of PNC Financial Services Group during the second quarter worth approximately $74,962,000. Janus Henderson Group PLC boosted its position in shares of PNC Financial Services Group by 37.6% during the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock worth $216,609,000 after buying an additional 437,808 shares during the period. Jennison Associates LLC boosted its position in shares of PNC Financial Services Group by 5.7% during the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock worth $880,971,000 after buying an additional 353,976 shares during the period. Advisors Asset Management Inc. boosted its position in shares of PNC Financial Services Group by 932.7% during the second quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock worth $4,098,000 after buying an additional 345,388 shares during the period. Finally, Summit Trail Advisors LLC boosted its position in shares of PNC Financial Services Group by 10,726.8% during the first quarter. Summit Trail Advisors LLC now owns 335,847 shares of the financial services provider’s stock worth $336,000 after buying an additional 332,745 shares during the period. Institutional investors and hedge funds own 79.90% of the company’s stock.

Several equities analysts have recently issued reports on PNC shares. Morgan Stanley reduced their price objective on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research report on Monday. Sanford C. Bernstein upgraded PNC Financial Services Group from a “market perform” rating to an “outperform” rating and reduced their price objective for the stock from $158.00 to $145.00 in a research report on Monday. Deutsche Bank upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday. ValuEngine downgraded PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Finally, BMO Capital Markets cut their target price on PNC Financial Services Group to $139.00 and set an “outperform” rating for the company in a research report on Monday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $154.62.

In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $140.49, for a total value of $3,471,507.90. Following the transaction, the executive vice president now owns 131,020 shares of the company’s stock, valued at $18,406,999.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is currently owned by corporate insiders.

PNC opened at $124.22 on Friday. The company has a market capitalization of $59.12 billion, a price-to-earnings ratio of 12.41, a PEG ratio of 1.25 and a beta of 0.92. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.91 and a quick ratio of 0.91. PNC Financial Services Group Inc has a 1-year low of $121.61 and a 1-year high of $163.59.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.73 by $0.09. The firm had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $4.32 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. During the same period in the prior year, the firm posted $2.16 earnings per share. On average, analysts predict that PNC Financial Services Group Inc will post 10.76 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th will be given a $0.95 dividend. The ex-dividend date of this dividend is Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a yield of 3.06%. PNC Financial Services Group’s dividend payout ratio (DPR) is 44.71%.

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.

Further Reading: Yield Curve

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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