Ally Financial Inc. bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 7,000 shares of the financial services provider's stock, valued at approximately $1,724,000.
A number of other large investors also recently modified their holdings of PNC. Monetary Solutions Ltd purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at approximately $28,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $29,000. Finally, Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 83.53% of the company's stock.
The PNC Financial Services Group Stock Performance
Shares of NYSE:PNC opened at $243.05 on Monday. 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, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The firm has a fifty day simple moving average of $248.28 and a two-hundred day simple moving average of $229.35. The stock has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91.
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, beating analysts' consensus estimates 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 return on equity of 12.48% and a net margin of 21.41%.The company's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.85 earnings per share. On average, 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.3%. 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 payout ratio is currently 44.03%.
Analyst Upgrades and Downgrades
PNC has been the subject of several research analyst reports. Citigroup raised their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Robert W. Baird boosted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a report on Wednesday, July 29th. Argus raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada raised their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average target price of $265.73.
Check Out Our Latest Report on PNC
Insider Activity
In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following 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 90 days, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by company insiders.
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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