Andra AP fonden Increases Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Andra AP fonden increased its stake in PNC by 186.7% in the first quarter, buying an additional 49,299 shares to bring its total to 75,699 shares worth about $15.75 million.
• PNC reported strong quarterly results, with earnings of $4.85 per share and revenue of $6.66 billion, both ahead of analyst expectations. Revenue rose 21.4% year over year.
• The company also raised its quarterly dividend to $2.00 per share from $1.70, implying an annualized payout of $8.00 and a yield of about 3.2%.

Andra AP fonden grew its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 186.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 75,699 shares of the financial services provider's stock after purchasing an additional 49,299 shares during the quarter. Andra AP fonden's holdings in The PNC Financial Services Group were worth $15,752,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in PNC. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at $25,000. Quarry LP purchased a new position in The PNC Financial Services Group during the 3rd quarter worth $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group during the 4th quarter worth $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group in the first quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC increased 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 valued at $31,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling

In other The PNC Financial Services Group 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 value of $357,210.00. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PNC shares. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Stephens boosted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Argus upped 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 note on Thursday, July 16th. Bank of America lifted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Morgan Stanley boosted their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $265.50.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $250.37 on Wednesday. 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 business's fifty day moving average price is $234.58 and its two-hundred day moving average price is $224.11. The stock has a market cap of $100.54 billion, a PE ratio of 13.78, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.49.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.85 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.14 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date is Monday, July 20th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group's payout ratio is currently 44.03%.

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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