Generali Asset Management SPA SGR boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 9.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,881 shares of the financial services provider’s stock after buying an additional 3,427 shares during the period. Generali Asset Management SPA SGR’s holdings in The PNC Financial Services Group were worth $8,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. BlackRock Inc. acquired a new stake in The PNC Financial Services Group in the second quarter worth about $7,921,455,000. State Street Corp grew its stake in shares of The PNC Financial Services Group by 4.3% during the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after acquiring an additional 765,097 shares during the last quarter. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at about $2,102,631,000. Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of The PNC Financial Services Group by 1.1% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after acquiring an additional 39,112 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
PNC has been the subject of several research analyst reports. Barclays increased their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Raymond James Financial cut their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. Finally, Royal Bank Of Canada decreased their price target on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Seventeen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $266.13.
Check Out Our Latest Stock Report on PNC
The PNC Financial Services Group Price Performance
NYSE:PNC opened at $228.32 on Thursday. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83. The company has a 50 day moving average price of $230.62 and a 200-day moving average price of $228.75. The PNC Financial Services Group, Inc has a 1-year low of $177.08 and a 1-year high of $258.96. The firm has a market cap of $91.08 billion, a price-to-earnings ratio of 12.15, a price-to-earnings-growth ratio of 1.16 and a beta of 0.94.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last released its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The company had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm’s revenue for the quarter was up 10.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.35 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s payout ratio is currently 42.58%.
Insider Buying and Selling at The PNC Financial Services Group
In related news, EVP Stacy Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president 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 SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Company Profile
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.
PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.
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