AMG National Trust Bank Invests $30.56 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• AMG National Trust Bank initiated a $30.56 million position in PNC during the second quarter, purchasing 124,106 shares. Institutional investors and hedge funds collectively own 83.53% of PNC.
• PNC reported strong quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, exceeding analyst expectations; revenue increased 21.4% year over year.
• PNC raised its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73.

AMG National Trust Bank bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 124,106 shares of the financial services provider's stock, valued at approximately $30,557,000. The PNC Financial Services Group makes up 0.6% of AMG National Trust Bank's holdings, making the stock its 20th largest position.

Several other hedge funds have also modified their holdings of PNC. Brighton Jones LLC grew its holdings in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after buying an additional 984 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after acquiring an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its holdings in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after acquiring an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina lifted its position in shares of The PNC Financial Services Group by 1.5% in the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after acquiring an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at $482,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business'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 value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 in the last 90 days. Corporate insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Down 0.0%

Shares of NYSE:PNC opened at $256.91 on Monday. 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 company has a fifty day simple moving average of $246.72 and a 200 day simple moving average of $228.51. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.13.

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 analysts' consensus estimates 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 company had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the business posted $3.85 EPS. The PNC Financial Services Group's quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities research analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend 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 is 44.03%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Barclays lifted their target price 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. Citigroup increased their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective on the stock. in a report on Thursday, July 23rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One investment 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $265.73.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source