Sumitomo Mitsui Trust Holdings Inc. Purchases 175,225 Shares of PNC Financial Services Group Inc (PNC)

Sumitomo Mitsui Trust Holdings Inc. boosted its position in PNC Financial Services Group Inc (NYSE:PNC) by 11.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,680,920 shares of the financial services provider’s stock after buying an additional 175,225 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in PNC Financial Services Group were worth $228,924,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in the stock. Parametrica Management Ltd acquired a new stake in PNC Financial Services Group in the 3rd quarter valued at approximately $216,000. Lincoln National Corp increased its position in shares of PNC Financial Services Group by 138.3% during the 3rd quarter. Lincoln National Corp now owns 10,489 shares of the financial services provider’s stock worth $1,429,000 after purchasing an additional 6,087 shares during the last quarter. Princeton Portfolio Strategies Group LLC increased its position in shares of PNC Financial Services Group by 15.0% during the 3rd quarter. Princeton Portfolio Strategies Group LLC now owns 18,710 shares of the financial services provider’s stock worth $2,548,000 after purchasing an additional 2,439 shares during the last quarter. Donaldson Capital Management LLC increased its position in shares of PNC Financial Services Group by 1.0% during the 3rd quarter. Donaldson Capital Management LLC now owns 215,389 shares of the financial services provider’s stock worth $29,334,000 after purchasing an additional 2,200 shares during the last quarter. Finally, Smith Salley & Associates increased its position in shares of PNC Financial Services Group by 2.6% during the 3rd quarter. Smith Salley & Associates now owns 81,953 shares of the financial services provider’s stock worth $11,161,000 after purchasing an additional 2,045 shares during the last quarter. 79.84% of the stock is currently owned by institutional investors and hedge funds.

PNC has been the topic of several recent analyst reports. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Sanford C. Bernstein raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and lowered their price target for the stock from $158.00 to $145.00 in a research report on Monday, October 15th. Nomura lowered their price target on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a research report on Monday, October 15th. ValuEngine lowered PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Finally, BMO Capital Markets lowered their price target on PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a research report on Monday, October 15th. They noted that the move was a valuation call. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $155.50.

In other news, EVP Robert Q. Reilly sold 24,710 shares of PNC Financial Services Group stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the transaction, the executive vice president now directly owns 131,020 shares in the company, valued at approximately $18,406,999.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company’s stock.

Shares of NYSE PNC opened at $134.23 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a 12 month low of $116.55 and a 12 month high of $163.59. The company has a market cap of $61.94 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 1.32 and a beta of 0.92.

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

The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th were paid a dividend of $0.95 per share. The ex-dividend date of this dividend was Tuesday, October 16th. This represents a $3.80 annualized dividend and a dividend yield of 2.83%. PNC Financial Services Group’s dividend payout ratio is currently 44.71%.

PNC Financial Services Group announced that its board has initiated a stock buyback plan on Thursday, November 8th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

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

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