60,834 Shares in The PNC Financial Services Group, Inc $PNC Purchased by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners purchased 60,834 PNC shares during the first quarter, valued at approximately $12.7 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates by $0.39, while revenue rose 21.4% year over year to $6.66 billion. The bank also increased its quarterly dividend to $2.00 per share, or $8.00 annualized.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $265.48 price target. PNC shares opened at $250.59, near their 52-week high of $256.49.

Polar Asset Management Partners Inc. purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 60,834 shares of the financial services provider's stock, valued at approximately $12,659,000.

A number of other large investors have also recently modified their holdings of the business. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC lifted its position in The PNC Financial Services Group by 93.4% during the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 71 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Down 0.2%

NYSE:PNC opened at $250.59 on Monday. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.49. The firm has a market cap of $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.00 and a beta of 0.91. The firm has a 50-day simple moving average of $236.91 and a two-hundred day simple moving average of $224.94. The company has a debt-to-equity ratio of 1.29, 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 earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to the consensus estimate 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 was up 21.4% compared to the same quarter last year. During the same period last year, the business posted $3.85 EPS. Analysts predict 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 disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PNC shares. Barclays increased their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an "overweight" rating in a report on Monday, July 6th. Morgan Stanley upped their target price on shares of 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. Stephens increased their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $265.48.

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.

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