Main Street Financial Solutions LLC grew its holdings in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 273.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,224 shares of the financial services provider’s stock after purchasing an additional 3,825 shares during the period. Main Street Financial Solutions LLC’s holdings in The PNC Financial Services Group were worth $1,286,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the business. Brighton Jones LLC lifted its holdings in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after acquiring an additional 984 shares during the last quarter. Empowered Funds LLC boosted its stake in shares of The PNC Financial Services Group by 2.1% in the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock valued at $1,452,000 after purchasing an additional 170 shares in the last quarter. Sivia Capital Partners LLC grew its holdings in shares of The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after purchasing an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina grew its holdings in shares of The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after purchasing an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $482,000. Institutional investors and hedge funds own 83.53% of the company’s stock.
Insider Activity
In other news, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Trading Down 0.0%
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm’s revenue was up 21.4% on a year-over-year basis. During the same period in the prior year, the business posted $3.85 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.
The PNC Financial Services Group Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.
Analyst Ratings Changes
Several brokerages recently commented on PNC. Stephens increased their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Argus upped their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. JPMorgan Chase & Co. increased their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.
About The PNC Financial Services Group
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.
PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.
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