Sumitomo Life Insurance Co. Acquires 3,646 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Life Insurance Co. raised its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 59.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,746 shares of the financial services provider’s stock after purchasing an additional 3,646 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in The PNC Financial Services Group were worth $1,880,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in PNC. Winch Advisory Services LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth about $25,000. Albion Financial Group UT bought a new position in The PNC Financial Services Group in the 4th quarter worth about $30,000. Valley Wealth Managers Inc. increased its position in shares of The PNC Financial Services Group by 20,000.0% during the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 200 shares during the period. Capital Performance Advisors LLP bought a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $51,000. Finally, Quarry LP boosted its holdings in shares of The PNC Financial Services Group by 141.7% in the second quarter. Quarry LP now owns 290 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 170 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNC. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a report on Wednesday, October 16th. Stephens reaffirmed an “equal weight” rating and issued a $200.00 price objective on shares of The PNC Financial Services Group in a research note on Friday, January 17th. Compass Point raised their target price on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $205.00.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $216.01, for a total transaction of $268,284.42. Following the sale, the chief executive officer now owns 533,765 shares in the company, valued at approximately $115,298,577.65. The trade was a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,413 shares of company stock valued at $6,021,569 in the last ninety days. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 0.3 %

The PNC Financial Services Group stock opened at $202.29 on Thursday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market cap of $80.26 billion, a PE ratio of 14.71, a price-to-earnings-growth ratio of 1.59 and a beta of 1.16. The stock has a 50-day moving average of $200.14 and a two-hundred day moving average of $189.26. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to analyst estimates of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $3.16 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 15.26 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.16%. The ex-dividend date is Wednesday, January 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 46.55%.

The PNC Financial Services Group Company 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.