Van ECK Associates Corp increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 5.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 41,619 shares of the financial services provider’s stock after purchasing an additional 2,180 shares during the quarter. Van ECK Associates Corp’s holdings in The PNC Financial Services Group were worth $10,247,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Stoneridge Investment Partners LLC increased its holdings in shares of The PNC Financial Services Group by 59.1% in the fourth quarter. Stoneridge Investment Partners LLC now owns 23,727 shares of the financial services provider’s stock valued at $4,953,000 after buying an additional 8,818 shares in the last quarter. AMG National Trust Bank acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth $30,557,000. The Manufacturers Life Insurance Company acquired a new position in The PNC Financial Services Group during the second quarter valued at $69,078,000. Eurizon Capital SGR S.p.A. purchased a new stake in The PNC Financial Services Group in the 4th quarter worth about $35,124,000. Finally, Empire Life Investments Inc. boosted its position in The PNC Financial Services Group by 8.7% during the 4th quarter. Empire Life Investments Inc. now owns 217,119 shares of the financial services provider’s stock worth $45,319,000 after acquiring an additional 17,418 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
PNC has been the subject of a number of recent research reports. Oppenheimer raised their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of 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 research note on Thursday, July 23rd. UBS Group lifted their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. upped their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. One equities 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, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $265.73.
Insider Activity
In related news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,654 shares of company stock worth $1,627,011 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Trading Down 0.9%
Shares of PNC opened at $237.38 on Wednesday. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market cap of $94.70 billion, a price-to-earnings ratio of 13.06, a PEG ratio of 0.95 and a beta of 0.91. The stock has a fifty day moving average price of $249.48 and a two-hundred day moving average price of $229.54. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96.
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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the business earned $3.85 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The firm 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 is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is 44.03%.
The PNC Financial Services Group Company 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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