978,852 Shares in The PNC Financial Services Group, Inc $PNC Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Key Points

• Mitsubishi UFJ Asset Management purchased 978,852 PNC shares worth approximately $241 million, while institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share and revenue of $6.88 billion, exceeding analyst estimates; revenue increased 21.4% year over year.
• PNC raised its quarterly dividend from $1.70 to $2.00, representing an annualized payout of $8.00 per share and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.

Mitsubishi UFJ Asset Management Co. Ltd. bought 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 Securities and Exchange Commission (SEC). The fund bought 978,852 shares of the financial services provider's stock, valued at approximately $241,013,000. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.24% of The PNC Financial Services Group as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of The PNC Financial Services Group by 1.1% during the 4th 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 in the last quarter. State Street Corp increased its holdings in The PNC Financial Services Group by 0.4% in 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 in the last quarter. Capital International Investors raised its stake 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 worth $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Norges Bank bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC lifted its holdings in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Trading Down 0.9%

Shares of PNC opened at $254.65 on Tuesday. The firm has a market cap of $101.59 billion, a P/E ratio of 14.01, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The company has a 50 day simple moving average of $247.28 and a two-hundred day simple moving average of $228.73.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate 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 earnings per share. The company's quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities 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 business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. 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 presently 44.03%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the business's stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 51,654 shares of company stock worth $11,552,661 in the last quarter. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on PNC. UBS Group upped their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft cut shares of 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 research note on Thursday, July 23rd. Royal Bank Of Canada upped their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Stephens increased their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. One 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 stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $265.73.

About The PNC Financial Services Group

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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