B. Metzler seel. Sohn & Co. AG purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 46,533 shares of the financial services provider's stock, valued at approximately $11,457,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at about $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group during the second quarter worth approximately $28,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth $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. Institutional investors own 83.53% of the company's stock.
Insider Buying and Selling
In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction 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 disclosure for this sale is available in the SEC filing. Insiders sold 51,654 shares of company stock worth $11,552,661 over the last ninety days. 0.38% of the stock is owned by corporate insiders.
The PNC Financial Services Group Stock Performance
PNC opened at $242.26 on Friday. 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 cap of $96.65 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.98 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The company's 50 day moving average is $248.17 and its 200 day moving average is $229.25.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company's quarterly revenue was up 21.4% on a year-over-year basis. During the same period last year, the firm earned $3.85 earnings per share. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio is 44.03%.
Analyst Upgrades and Downgrades
PNC has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Barclays raised their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $265.73.
Check Out Our Latest Report on PNC
About The PNC Financial Services Group
(
Free Report)
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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