Mutual of America Capital Management LLC Reduces Stake in PNC Financial Services Group Inc (PNC)

Mutual of America Capital Management LLC lowered its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 1.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 76,594 shares of the financial services provider’s stock after selling 746 shares during the period. Mutual of America Capital Management LLC’s holdings in PNC Financial Services Group were worth $10,431,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Point72 Asset Management L.P. acquired a new stake in shares of PNC Financial Services Group in the 2nd quarter worth about $74,962,000. Janus Henderson Group PLC raised its holdings in shares of PNC Financial Services Group by 37.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock worth $216,609,000 after acquiring an additional 437,808 shares during the last quarter. Jennison Associates LLC raised its holdings in shares of PNC Financial Services Group by 5.7% in the 2nd quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock worth $880,971,000 after acquiring an additional 353,976 shares during the last quarter. Advisors Asset Management Inc. raised its holdings in shares of PNC Financial Services Group by 932.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock worth $4,098,000 after acquiring an additional 345,388 shares during the last quarter. Finally, Prudential Financial Inc. raised its holdings in shares of PNC Financial Services Group by 54.0% in the 3rd quarter. Prudential Financial Inc. now owns 954,849 shares of the financial services provider’s stock worth $130,041,000 after acquiring an additional 335,010 shares during the last quarter. Hedge funds and other institutional investors own 79.50% of the company’s stock.

In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $140.49, for a total value of $3,471,507.90. Following the completion of the sale, the executive vice president now owns 131,020 shares in the company, valued at approximately $18,406,999.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.38% of the company’s stock.

A number of equities research analysts recently weighed in on the stock. Vining Sparks restated a “buy” rating and issued a $160.00 target price on shares of PNC Financial Services Group in a report on Tuesday, October 9th. BMO Capital Markets lowered shares of PNC Financial Services Group from an “outperform” rating to a “market perform” rating and set a $139.00 target price on the stock. in a report on Monday, November 19th. They noted that the move was a valuation call. Macquarie lowered shares of PNC Financial Services Group from an “outperform” rating to a “neutral” rating in a report on Tuesday, November 27th. ValuEngine upgraded shares of PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Finally, Nomura lowered their target price on shares of PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. Fourteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $155.50.

NYSE:PNC opened at $135.90 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 1.11. The stock has a market capitalization of $62.65 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.34 and a beta of 0.92. PNC Financial Services Group Inc has a 52 week low of $116.55 and a 52 week high of $163.59.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.73 by $0.09. The firm had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.32 billion. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. During the same quarter last year, the business posted $2.16 EPS. Equities analysts forecast that PNC Financial Services Group Inc will post 10.76 earnings per share for the current year.

PNC Financial Services Group declared that its board has authorized a share buyback plan on Thursday, November 8th that authorizes the company to buyback $900.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 1.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were paid a $0.95 dividend. The ex-dividend date of this dividend was Tuesday, October 16th. This represents a $3.80 annualized dividend and a yield of 2.80%. PNC Financial Services Group’s dividend payout ratio (DPR) is 44.71%.

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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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