one8zero8 LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,879 shares of the financial services provider’s stock, valued at approximately $709,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. West Family Investments Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter worth about $613,000. NewEdge Wealth LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $7,305,000. Chancellor Financial Group WB LP purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $389,000. Great Lakes Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the second quarter worth approximately $3,219,000. Finally, Balanced Wealth Group LLC purchased a new position in shares of The PNC Financial Services Group during the second quarter valued at approximately $294,000. Institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Price Performance
Shares of The PNC Financial Services Group stock opened at $246.56 on Thursday. The stock’s 50-day simple moving average is $248.01 and its 200-day simple moving average is $229.11. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The company has a market capitalization of $98.36 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 1.01 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.
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 dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.
Insider Transactions at The PNC Financial Services Group
In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 51,654 shares of company stock worth $11,552,661. Corporate insiders own 0.38% of the company’s stock.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. Robert W. Baird boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Barclays lifted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Finally, Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.
Check Out Our Latest Analysis on PNC
The PNC Financial Services Group Profile
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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