Sumitomo Life Insurance Co. Has $1.89 Million Position in PNC Financial Services Group Inc (PNC)

Sumitomo Life Insurance Co. lowered its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 9.8% in the 1st quarter, HoldingsChannel reports. The fund owned 15,366 shares of the financial services provider’s stock after selling 1,664 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in PNC Financial Services Group were worth $1,885,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. BTIM Corp. increased its position in shares of PNC Financial Services Group by 3.5% during the first quarter. BTIM Corp. now owns 648,265 shares of the financial services provider’s stock valued at $79,516,000 after acquiring an additional 21,940 shares in the last quarter. Massey Quick Simon & CO. LLC bought a new stake in shares of PNC Financial Services Group during the first quarter valued at approximately $104,000. Jag Capital Management LLC increased its position in shares of PNC Financial Services Group by 4.0% during the first quarter. Jag Capital Management LLC now owns 12,606 shares of the financial services provider’s stock valued at $1,546,000 after acquiring an additional 482 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of PNC Financial Services Group during the first quarter valued at approximately $3,005,000. Finally, Raymond James Trust N.A. increased its position in shares of PNC Financial Services Group by 3.0% during the first quarter. Raymond James Trust N.A. now owns 34,288 shares of the financial services provider’s stock valued at $4,206,000 after acquiring an additional 1,003 shares in the last quarter. 82.27% of the stock is owned by institutional investors.

Several equities research analysts recently weighed in on PNC shares. Barclays reduced their price target 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 report on Wednesday, January 2nd. Zacks Investment Research downgraded shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. Bank of America downgraded shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research report on Thursday, January 10th. UBS Group set a $133.00 target price on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. Finally, Morgan Stanley cut their target price on shares of PNC Financial Services Group from $147.00 to $135.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 8th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $145.66.

In other PNC Financial Services Group news, Director Martin Pfinsgraff purchased 500 shares of the company’s stock in a transaction dated Thursday, February 21st. The shares were acquired at an average price of $125.69 per share, for a total transaction of $62,845.00. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael J. Hannon sold 5,000 shares of PNC Financial Services Group stock in a transaction on Tuesday, January 22nd. The stock was sold at an average price of $124.82, for a total transaction of $624,100.00. Following the transaction, the insider now owns 53,239 shares in the company, valued at approximately $6,645,291.98. The disclosure for this sale can be found here. Insiders own 0.37% of the company’s stock.

NYSE:PNC opened at $133.15 on Wednesday. The company has a quick ratio of 0.90, a current ratio of 0.91 and a debt-to-equity ratio of 1.23. PNC Financial Services Group Inc has a 12 month low of $108.45 and a 12 month high of $152.29. The company has a market capitalization of $59.45 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 1.53 and a beta of 1.05.

PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, April 12th. The financial services provider reported $2.61 EPS for the quarter, hitting analysts’ consensus estimates of $2.61. PNC Financial Services Group had a net margin of 25.93% and a return on equity of 11.20%. The business had revenue of $4.29 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the firm posted $2.43 EPS. On average, sell-side analysts forecast that PNC Financial Services Group Inc will post 11.3 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Shareholders of record on Tuesday, April 16th will be given a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Monday, April 15th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 35.48%.

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About PNC Financial Services Group

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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