AssuredPartners Investment Advisors LLC Purchases New Shares in The PNC Financial Services Group, Inc $PNC

Key Points

• AssuredPartners Investment Advisors acquired 4,239 shares of PNC during the second quarter, valued at approximately $1.04 million. Institutional investors collectively own 83.53% of PNC’s outstanding shares.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $265.73; several firms recently raised their targets to between $273 and $288.
• PNC exceeded quarterly expectations, reporting $4.85 in earnings per share and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00 per share, equivalent to a 3.2% annualized yield.

AssuredPartners Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,239 shares of the financial services provider's stock, valued at approximately $1,044,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Viking Global Investors LP grew its position in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares in the last quarter. Deutsche Bank AG acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $1,054,189,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of The PNC Financial Services Group in the second quarter worth $630,949,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Analysts Set New Price Targets

PNC has been the topic of several recent analyst reports. Robert W. Baird upped their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a research report on Thursday, July 23rd. UBS Group upped their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Royal Bank Of Canada increased their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Finally, Oppenheimer lifted their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. One equities research 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $265.73.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $246.56 on Thursday. The company has a market cap of $98.36 billion, a PE ratio of 13.57, a P/E/G ratio of 1.01 and a beta of 0.91. The company has a fifty day moving average price of $248.01 and a two-hundred day moving average price of $229.11. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96.

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 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm earned $3.85 earnings per share. The firm's revenue for the quarter was up 21.4% compared to the same quarter last year. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors 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 3.2%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company's stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the 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 owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group 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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