280,552 Shares in The PNC Financial Services Group, Inc $PNC Acquired by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 280,552 PNC shares during the second quarter, worth approximately $69.1 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• Analysts remain generally positive, with one Strong Buy, 17 Buy and four Hold ratings. PNC has a consensus rating of “Moderate Buy” and an average price target of $265.73.
• PNC beat quarterly earnings and revenue expectations, reporting $4.85 in EPS and $6.88 billion in revenue, while revenue grew 21.4% year over year. The bank also raised its quarterly dividend to $2.00, equivalent to an annualized yield of about 3.3%.

The Manufacturers Life Insurance Company bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund bought 280,552 shares of the financial services provider's stock, valued at approximately $69,078,000. The Manufacturers Life Insurance Company owned about 0.07% of The PNC Financial Services Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Monetary Solutions Ltd bought a new stake in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the 3rd quarter worth $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in The PNC Financial Services Group during the 2nd quarter worth about $28,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter valued at about $29,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $31,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on PNC shares. Oppenheimer raised their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Wells Fargo & Company increased their target price on shares of 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. Stephens boosted their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Finally, Barclays increased their price objective on shares of 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. 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's stock. According to MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Stock Up 0.2%

PNC stock opened at $244.15 on Wednesday. The stock's 50 day simple moving average is $248.75 and its 200 day simple moving average is $229.47. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. 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 $97.40 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.85 earnings per share. On average, research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share 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. Investors of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the company's stock in a transaction 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 transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 6,654 shares of company stock valued at $1,627,011. 0.38% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source