Nuveen LLC Acquires Shares of 1,746,060 The PNC Financial Services Group, Inc (NYSE:PNC)

Nuveen LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,746,060 shares of the financial services provider’s stock, valued at approximately $306,905,000. Nuveen LLC owned about 0.44% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Cornerstone Planning Group LLC lifted its position in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 65 shares during the last quarter. REAP Financial Group LLC lifted its position in shares of The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 59 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $35,000. Finally, Fourth Dimension Wealth LLC bought a new position in shares of The PNC Financial Services Group during the first quarter worth about $41,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on PNC shares. Citigroup increased their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an “underweight” rating in a research note on Thursday, July 17th. Oppenheimer upgraded shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 price objective on the stock in a research note on Wednesday, July 30th. Finally, TD Cowen started coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They set a “buy” rating and a $233.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $214.17.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares in the company, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $189.58 on Monday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a market capitalization of $74.66 billion, a PE ratio of 12.97, a P/E/G ratio of 1.41 and a beta of 1.09. The company’s 50 day simple moving average is $187.37 and its 200 day simple moving average is $179.74.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating analysts’ consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter last year, the business earned $3.39 earnings per share. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were issued a dividend of $1.70 per share. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group’s payout ratio is 46.51%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.