Sumitomo Life Insurance Co. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,786 shares of the financial services provider’s stock, valued at approximately $932,000.
A number of other large investors have also modified their holdings of PNC. Monetary Solutions Ltd acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP acquired a new position in The PNC Financial Services Group during the third quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in The PNC Financial Services Group during the second quarter worth about $28,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at about $29,000. Finally, Financial Life Planners purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
Analyst Ratings Changes
A number of analysts have commented on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a report on Wednesday, July 29th. UBS Group upped their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.
Insiders Place Their Bets
In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 51,654 shares of company stock valued at $11,552,661. Insiders own 0.38% of the company’s stock.
The PNC Financial Services Group Price Performance
Shares of PNC stock opened at $243.05 on Friday. 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 firm’s 50-day moving average is $248.28 and its two-hundred day moving average is $229.34. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a market capitalization of $96.96 billion, a PE ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate 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 previous year, the business posted $3.85 EPS. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. Analysts predict 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 firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. This is a boost 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 yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.
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.
Read More
- Five stocks we like better than The PNC Financial Services Group
- 2 Biotech Stocks Shaping Up for Major Breakouts
- 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs
- 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run
- Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit?
Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC – Free Report).
Receive News & Ratings for The PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.
