Sompo Japan Nipponkoa Asset Management CO. LTD. Purchases 11,460 Shares of PNC Financial Services Group Inc (PNC)

Sompo Japan Nipponkoa Asset Management CO. LTD. increased its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 16.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 82,045 shares of the financial services provider’s stock after buying an additional 11,460 shares during the period. PNC Financial Services Group comprises about 2.3% of Sompo Japan Nipponkoa Asset Management CO. LTD.’s portfolio, making the stock its 11th biggest position. Sompo Japan Nipponkoa Asset Management CO. LTD.’s holdings in PNC Financial Services Group were worth $11,174,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PNC. Point72 Asset Management L.P. purchased a new position in PNC Financial Services Group in the second quarter valued at approximately $74,962,000. Janus Henderson Group PLC increased its stake in PNC Financial Services Group by 37.6% in the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock valued at $216,609,000 after purchasing an additional 437,808 shares during the last quarter. Jennison Associates LLC increased its stake in PNC Financial Services Group by 5.7% in the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock valued at $880,971,000 after purchasing an additional 353,976 shares during the last quarter. Advisors Asset Management Inc. increased its stake in PNC Financial Services Group by 932.7% in the second quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock valued at $4,098,000 after purchasing an additional 345,388 shares during the last quarter. Finally, Millennium Management LLC increased its stake in PNC Financial Services Group by 557.2% in the second quarter. Millennium Management LLC now owns 354,139 shares of the financial services provider’s stock valued at $47,844,000 after purchasing an additional 300,255 shares during the last quarter. Hedge funds and other institutional investors own 79.84% of the company’s stock.

PNC stock opened at $134.62 on Friday. The company has a market capitalization of $60.80 billion, a PE ratio of 15.84, a PEG ratio of 1.30 and a beta of 0.92. PNC Financial Services Group Inc has a twelve month low of $116.55 and a twelve month high of $163.59. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.90 and a quick ratio of 0.89.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, beating 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 business had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $4.32 billion. During the same period in the prior year, the company earned $2.16 earnings per share. On average, sell-side analysts predict that PNC Financial Services Group Inc will post 10.75 EPS for the current year.

PNC Financial Services Group announced that its Board of Directors has authorized a stock buyback program 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 programs are typically an indication that the company’s board of directors believes its shares are undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Wednesday, October 17th were issued a dividend of $0.95 per share. This represents a $3.80 annualized dividend and a dividend yield of 2.82%. The ex-dividend date was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is presently 44.71%.

In related news, EVP Robert Q. Reilly sold 24,710 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 131,020 shares of the company’s stock, valued at $18,406,999.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is owned by company insiders.

Several equities analysts have commented on PNC shares. Sanford C. Bernstein upgraded shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $158.00 to $145.00 in a research note on Monday, October 15th. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. BMO Capital Markets dropped their price target on shares of PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a research note on Monday, October 15th. They noted that the move was a valuation call. Nomura decreased their price objective on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating for the company in a report on Monday, October 15th. Finally, UBS Group set a $137.00 price objective on PNC Financial Services Group and gave the company a “hold” rating in a report on Monday, October 15th. Twelve investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $155.50.

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PNC Financial Services Group 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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