ABN AMRO Bank N.V. Purchases New Shares in The PNC Financial Services Group, Inc $PNC

Key Points

• ABN AMRO acquired 6,923 shares of PNC worth approximately $1.7 million during the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• Analysts maintain a broadly positive outlook, with PNC receiving a “Moderate Buy” consensus rating and an average price target of $265.73. The stock opened at $256.91, near its 52-week high of $258.13.
• PNC reported quarterly earnings of $4.85 per share and revenue of $6.88 billion, surpassing estimates, while revenue rose 21.4% year over year. The company also increased its quarterly dividend to $2.00, equivalent to an annualized yield of about 3.1%.

ABN AMRO Bank N.V. acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 6,923 shares of the financial services provider's stock, valued at approximately $1,701,000.

Other institutional investors have also added to or reduced their stakes in the company. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP purchased a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $29,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Finally, Wilkerson Advisory Group LLC grew its stake in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock worth $31,000 after purchasing an additional 71 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Insider Activity

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group 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 completion of the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on PNC shares. JPMorgan Chase & Co. increased their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a report on Wednesday, July 29th. Royal Bank Of Canada boosted their target price on shares of 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. 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 report on Monday, July 20th. 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 research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research 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 company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Stock Up 0.7%

PNC stock opened at $256.91 on Friday. The business has a 50 day moving average of $246.72 and a 200 day moving average of $228.45. The firm has a market cap of $102.49 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.13. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

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 return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the company posted $3.85 earnings per share. The company's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, research analysts forecast 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

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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