Occidental Asset Management LLC Makes New Investment in PNC Financial Services Group Inc (NYSE:PNC)

Occidental Asset Management LLC bought a new position in shares of PNC Financial Services Group Inc (NYSE:PNC) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 4,003 shares of the financial services provider’s stock, valued at approximately $550,000.

Other institutional investors have also modified their holdings of the company. Field & Main Bank bought a new position in PNC Financial Services Group during the 1st quarter worth about $25,000. IMA Wealth Inc. bought a new position in PNC Financial Services Group during the 1st quarter worth about $25,000. Penserra Capital Management LLC bought a new position in PNC Financial Services Group during the 1st quarter worth about $25,000. Westside Investment Management Inc. bought a new position in PNC Financial Services Group during the 2nd quarter worth about $29,000. Finally, Meridian Wealth Management LLC bought a new position in PNC Financial Services Group during the 1st quarter worth about $33,000. Institutional investors own 81.65% of the company’s stock.

Several analysts have commented on the stock. Morgan Stanley set a $141.00 price target on shares of PNC Financial Services Group and gave the company a “hold” rating in a research report on Friday, August 9th. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price target on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $143.41.

Shares of PNC stock traded down $0.31 during mid-day trading on Thursday, hitting $124.31. 1,608,893 shares of the stock traded hands, compared to its average volume of 2,141,141. The stock has a market capitalization of $57.28 billion, a PE ratio of 11.61, a P/E/G ratio of 1.67 and a beta of 1.07. The stock’s fifty day moving average price is $138.28. PNC Financial Services Group Inc has a 52-week low of $108.45 and a 52-week high of $147.00. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.83 by $0.05. The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.40 billion. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.72 earnings per share. As a group, sell-side analysts expect that PNC Financial Services Group Inc will post 11.29 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 19th were given a $1.15 dividend. This is a positive change from PNC Financial Services Group’s previous quarterly dividend of $0.95. This represents a $4.60 annualized dividend and a dividend yield of 3.70%. The ex-dividend date was Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 42.95%.

In related news, CEO William S. Demchak sold 75,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total value of $10,547,250.00. Following the completion of the transaction, the chief executive officer now directly owns 657,179 shares of the company’s stock, valued at approximately $92,419,082.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gregory H. Kozich sold 10,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $139.82, for a total transaction of $1,398,200.00. Following the completion of the transaction, the insider now directly owns 20,080 shares of the company’s stock, valued at $2,807,585.60. The disclosure for this sale can be found here. Insiders sold a total of 141,242 shares of company stock valued at $19,853,468 over the last ninety days. 0.37% of the stock is currently owned by insiders.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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