Argent Capital Management LLC Buys New Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Argent Capital Management purchased 199,075 PNC shares worth approximately $41.4 million in the first quarter, making PNC about 1.3% of its portfolio. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly EPS of $4.85, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.66 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.
• PNC increased its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.2% yield. Company insiders, however, sold 48,300 shares worth approximately $10.7 million over the past 90 days.

Argent Capital Management LLC bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 199,075 shares of the financial services provider's stock, valued at approximately $41,426,000. The PNC Financial Services Group makes up approximately 1.3% of Argent Capital Management LLC's investment portfolio, making the stock its 24th largest holding.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in The PNC Financial Services Group by 32.2% during the fourth 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 in the last quarter. Empowered Funds LLC lifted its holdings in The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after buying an additional 170 shares during the last quarter. Sivia Capital Partners LLC grew its position in shares of The PNC Financial Services Group by 50.3% in the 2nd 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 in the last quarter. Treasurer of the State of North Carolina grew its position in shares of The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock worth $34,409,000 after acquiring an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $482,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Activity

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the business's 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 sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 48,300 shares of company stock worth $10,694,574 over the last 90 days. 0.38% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. UBS Group raised 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Wells Fargo & Company boosted 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 report on Thursday, July 16th. Finally, Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. One investment 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 company presently has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Stock Up 0.6%

PNC stock opened at $250.21 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49. The company has a market capitalization of $100.48 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The firm's 50-day moving average is $240.24 and its two-hundred day moving average is $226.01. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion during the quarter, compared to analysts' expectations 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 business's revenue was up 21.4% on a year-over-year basis. During the same period last year, the firm posted $3.85 earnings per share. On average, analysts forecast 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 disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost 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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