Asahi Life Asset Management CO. LTD. Buys Shares of 2,440 The PNC Financial Services Group, Inc (NYSE:PNC)

Asahi Life Asset Management CO. LTD. acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,440 shares of the financial services provider's stock, valued at approximately $429,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its stake in shares of The PNC Financial Services Group by 0.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider's stock valued at $1,288,000 after purchasing an additional 59 shares during the period. True Wealth Design LLC grew its holdings in The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the period. Cornerstone Planning Group LLC grew its stake in The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the period. Sandy Spring Bank grew its stake in The PNC Financial Services Group by 1.4% during the fourth quarter. Sandy Spring Bank now owns 4,901 shares of the financial services provider's stock worth $945,000 after buying an additional 67 shares during the period. Finally, KCM Investment Advisors LLC boosted its stake in shares of The PNC Financial Services Group by 3.9% in the fourth quarter. KCM Investment Advisors LLC now owns 1,828 shares of the financial services provider's stock valued at $353,000 after purchasing an additional 68 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

PNC traded down $1.30 during trading hours on Tuesday, reaching $194.40. The company's stock had a trading volume of 966,057 shares, compared to its average volume of 2,139,061. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The company's 50-day moving average is $180.03 and its 200-day moving average is $180.06. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market cap of $76.90 billion, a PE ratio of 13.73, a price-to-earnings-growth ratio of 1.66 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, topping the consensus estimate of $3.47 by $0.04. The firm had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 annualized dividend and a yield of 3.50%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Martin Pfinsgraff purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The stock was bought at an average price of $158.22 per share, for a total transaction of $158,220.00. Following the transaction, the director directly owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 9,545 shares of company stock worth $1,590,080 in the last 90 days. Company insiders own 0.41% of the company's stock.

Analyst Ratings Changes

PNC has been the topic of several recent research reports. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Raymond James Financial upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price for the company in a research note on Tuesday, July 8th. Barclays dropped their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company decreased their price target on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research note on Friday, March 28th. Finally, Hsbc Global Res upgraded shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $209.11.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.