32,529 The PNC Financial Services Group, Inc $PNC Shares Purchased by International Assets Investment Management LLC

Key Points

• International Assets Investment Management LLC increased its PNC stake by 1,316.4% in the third quarter, adding 32,529 shares to own 35,000 shares valued at $7.779 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly EPS of $5.09, exceeding estimates of $4.91, while revenue reached $6.60 billion and rose 10.9% year over year.
• PNC declared a quarterly dividend of $2.00, equivalent to an annualized $8.00 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $266.17.

International Assets Investment Management LLC lifted its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1,316.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,000 shares of the financial services provider's stock after acquiring an additional 32,529 shares during the quarter. International Assets Investment Management LLC's holdings in The PNC Financial Services Group were worth $7,779,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. Bank of America Corp DE purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Deutsche Bank AG purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $1,054,189,000. Jupiter Topco LLC purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $756,877,000. Finally, Legal & General Group Plc bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $669,168,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $227.88 on Monday. The PNC Financial Services Group, Inc has a 12 month low of $177.08 and a 12 month high of $258.96. The stock has a market cap of $90.91 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.94. The company's 50 day moving average is $230.03 and its two-hundred day moving average is $228.88. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results 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 for 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 PNC Financial Services Group'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 EPS. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio is presently 42.58%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on PNC shares. Keefe, Bruyette & Woods dropped their target price on The PNC Financial Services Group from $260.00 to $250.00 and set a "market perform" rating on the stock in a research report on Friday, October 16th. JPMorgan Chase & Co. upped their price target on shares of The PNC Financial Services Group from $258.00 to $259.00 and gave the company an "overweight" rating in a research report on Friday. Raymond James Financial lowered their price objective 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. Evercore cut their target price on shares of The PNC Financial Services Group from $265.00 to $260.00 and set an "outperform" rating for the company in a research report on Monday, October 19th. Finally, Jefferies Financial Group cut their target price on shares of The PNC Financial Services Group from $305.00 to $280.00 and set a "buy" rating for the company in a research report on Thursday, September 24th. Seventeen investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $266.17.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were 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 $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is owned by 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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