Mission Wealth Management LP Reduces Position in PNC Financial Services Group Inc (PNC)

Mission Wealth Management LP lessened its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 7.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 6,625 shares of the financial services provider’s stock after selling 521 shares during the quarter. Mission Wealth Management LP’s holdings in PNC Financial Services Group were worth $956,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the stock. Alexandria Capital LLC grew its stake in shares of PNC Financial Services Group by 14,856.9% in the 4th quarter. Alexandria Capital LLC now owns 31,559 shares of the financial services provider’s stock valued at $4,553,000 after purchasing an additional 31,348 shares during the last quarter. Suntrust Banks Inc. grew its stake in shares of PNC Financial Services Group by 2.0% in the 4th quarter. Suntrust Banks Inc. now owns 410,253 shares of the financial services provider’s stock valued at $59,192,000 after purchasing an additional 8,055 shares during the last quarter. Timber Hill LLC purchased a new position in shares of PNC Financial Services Group in the 4th quarter valued at approximately $4,683,000. Alpha Cubed Investments LLC purchased a new position in shares of PNC Financial Services Group in the 4th quarter valued at approximately $273,000. Finally, GM Advisory Group Inc. purchased a new position in shares of PNC Financial Services Group in the 4th quarter valued at approximately $221,000. Hedge funds and other institutional investors own 80.87% of the company’s stock.

Several brokerages have weighed in on PNC. Zacks Investment Research upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $154.00 target price on the stock in a research note on Tuesday, October 31st. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $162.00 target price on shares of PNC Financial Services Group in a research note on Friday, December 29th. Wells Fargo & Co set a $157.00 target price on PNC Financial Services Group and gave the company a “hold” rating in a research note on Tuesday, January 16th. BMO Capital Markets reiterated a “buy” rating on shares of PNC Financial Services Group in a research note on Thursday, January 25th. Finally, Morgan Stanley raised their price target on PNC Financial Services Group from $165.00 to $168.00 and gave the company an “equal weight” rating in a report on Friday, February 2nd. Eighteen investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $145.98.

In related news, insider E William Parsley III sold 25,000 shares of PNC Financial Services Group stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $138.68, for a total transaction of $3,467,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group stock in a transaction on Friday, December 1st. The stock was sold at an average price of $140.98, for a total value of $704,900.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,894 shares of company stock valued at $14,897,513. 0.43% of the stock is currently owned by insiders.

PNC Financial Services Group Inc (PNC) opened at $159.13 on Wednesday. The stock has a market capitalization of $75,244.84, a price-to-earnings ratio of 18.69, a P/E/G ratio of 1.48 and a beta of 0.93. PNC Financial Services Group Inc has a 1-year low of $115.25 and a 1-year high of $160.81. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.24.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, January 12th. The financial services provider reported $2.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.09. The firm had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.15 billion. PNC Financial Services Group had a return on equity of 9.52% and a net margin of 29.60%. PNC Financial Services Group’s revenue was up 10.0% on a year-over-year basis. During the same period in the previous year, the firm posted $1.97 earnings per share. analysts predict that PNC Financial Services Group Inc will post 10.44 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 5th. Investors of record on Wednesday, January 17th were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Tuesday, January 16th. This represents a $3.00 annualized dividend and a yield of 1.89%. PNC Financial Services Group’s dividend payout ratio is presently 28.85%.

COPYRIGHT VIOLATION NOTICE: This story was first posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are accessing this story on another site, it was illegally stolen and reposted in violation of U.S. & international copyright & trademark law. The legal version of this story can be viewed at https://ledgergazette.com/2018/02/21/mission-wealth-management-lp-reduces-position-in-pnc-financial-services-group-inc-pnc.html.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

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

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply