Commerce Bank purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 48,309 shares of the financial services provider's stock, valued at approximately $11,895,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock valued at $8,114,168,000 after buying an additional 408,464 shares during the last quarter. BlackRock Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $7,921,455,000. State Street Corp lifted its stake in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock worth $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors boosted its holdings in The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Finally, Norges Bank purchased a new position in The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. 83.53% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on PNC shares. Argus increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Stephens upped 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 report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a 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 issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $265.73.
Check Out Our Latest Analysis on The PNC Financial Services Group
Insiders Place Their Bets
In related news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated 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 sale, the director owned 10,749 shares of the company's stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by corporate insiders.
The PNC Financial Services Group Stock Performance
Shares of The PNC Financial Services Group stock opened at $243.05 on Monday. The company has a market capitalization of $96.96 billion, a PE ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91. The company has a 50-day simple moving average of $248.28 and a two-hundred day simple moving average of $229.35. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the firm earned $3.85 EPS. The company's quarterly revenue was up 21.4% compared to the same quarter last year. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.
The PNC Financial Services Group Company Profile
(
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.
Further Reading
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