Van Hulzen Asset Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,894 shares of the financial services provider’s stock, valued at approximately $959,000.
Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. State Street Corp boosted its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares during the last quarter. Capital International Investors increased its holdings in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $1,967,080,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently issued reports on PNC shares. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target on the stock. in a report on Thursday, July 23rd. Barclays boosted their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Stephens upped their target price 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. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Argus lifted 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 research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.
The PNC Financial Services Group Trading Up 0.2%
Shares of The PNC Financial Services Group stock opened at $243.70 on Tuesday. The company’s fifty day simple moving average is $248.56 and its 200-day simple moving average is $229.42. The stock has a market capitalization of $97.22 billion, a PE ratio of 13.41, a P/E/G ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the business posted $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. As a group, equities analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a positive change 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 3.3%. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.
Insider Buying and Selling
In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred 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 in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 6,654 shares of company stock valued at $1,627,011. Company insiders own 0.38% of the company’s stock.
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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