New Mexico Board of Education and Retirement Sells PNC Financial Services Group Stake
The financial services industry has always been a hot topic among investors. Most recently, he came into the limelight when the New Mexico Board of Education and Retirement sold his stake in PNC Financial Services Group. According to Form 13F the company filed with his SEC at the end of the fourth quarter of 2016, the New Mexico Board of Education and Retirement sold 1,800 shares of his PNC stock, reducing his position by 8.5%.
Founded in Pittsburgh in 1852, PNC Financial Services Group is one of America’s leading financial institutions, providing retail and commercial banking services throughout the United States. The New Mexico Educational Retirement Board was one of his many shareholders who co-owned millions of his PNC shares as part of their investment portfolio, but their recent sale raised eyebrows within the investment community. I hid.
Despite the sale by one shareholder, PNC Financial Services Group still maintains a strong presence in the US market. In fact, we hit our earnings per share target last month when we announced our quarterly results in April. Their EPS of $3.98 beat Wall Street’s estimated $3.60 per share forecast by $0.38.
However, some analysts have lowered their recommendations for investing in PNC Financial Services Group stock. Among them are UBS Group and his StockNews.com, who feel that now may not be the best time to invest in such stocks.
Meanwhile, RBC lowered its price target on PNC Financial Services Group from $185.00 to $167.00, but maintained an “Outperform” rating on the stock after considering these factors.
All that was considered then. Perhaps it’s surprising how few shareholders hold positions in PNC stock? suggests that it may not be wise.
Institutional investors increase stake in PNC Financial Services Group amid positive outlook
Institutional investors and hedge funds have recently increased or decreased their stakes in financial services provider PNC Financial Services Group. For example, Vanguard Group Inc. raised his stake in the company by 0.5% in the third quarter of 2016, resulting in a total of 37,505,547 shares worth his $5,604,078,000. Similarly, State Street Corporation raised a 3.3% stake in him, holding 18,436,065 shares of him worth $2.75 billion. Neuberger Berman Group LLC also increased its stake by 39.2% to 2,913,910 shares worth $435 million. These acquisitions will leave a combined 82.05% of the shares owned by institutional investors and hedge funds.
Despite these investments, the stock opened at just $121.85 on Friday (April 7), recovering slightly from its annual low of $117.51 over the past year (PNC Group shares hit a record high, trading as high as $183.19 per share). The market capitalization is still large at $48.7 billion. However, analysts are still predicting a buy rating despite seeing various downgrades in early January.
Interestingly, even CEO William S Demchak has shown confidence in the company through his personal investment in the company’s stock. This year his March and his January alone include purchases totaling thousands of dollars.
PNC Financial Services Group will soon pay a quarterly dividend to investors listed prior to Tuesday’s record date (April 18). An attractive option for the company’s loyal patrons who have a positive long-term outlook for future growth.
Offering an attractive combination of strong earnings growth, an attractive dividend and potential for capital appreciation, PNC Financial Services Group could be an interesting prospect for discerning investors.