Auto Owners Insurance Co Purchases 21,109 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Auto Owners Insurance Co increased its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 422.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,109 shares of the financial services provider's stock after acquiring an additional 21,109 shares during the quarter. Auto Owners Insurance Co's holdings in The PNC Financial Services Group were worth $4,377,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. Oak Thistle LLC bought a new position in The PNC Financial Services Group in the first quarter valued at approximately $639,000. KLP Kapitalforvaltning AS lifted its stake in The PNC Financial Services Group by 1.4% in the first quarter. KLP Kapitalforvaltning AS now owns 172,147 shares of the financial services provider's stock valued at $30,258,000 after buying an additional 2,400 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its stake in The PNC Financial Services Group by 3.4% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 260,251 shares of the financial services provider's stock valued at $45,744,000 after buying an additional 8,456 shares in the last quarter. Y Intercept Hong Kong Ltd lifted its stake in The PNC Financial Services Group by 77.9% in the first quarter. Y Intercept Hong Kong Ltd now owns 31,082 shares of the financial services provider's stock valued at $5,463,000 after buying an additional 13,614 shares in the last quarter. Finally, Ignite Planners LLC lifted its stake in The PNC Financial Services Group by 8.4% in the first quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock valued at $262,000 after buying an additional 126 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Insider Activity

In other news, Director Martin Pfinsgraff bought 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the transaction, the director 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president directly owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,702 shares of company stock valued at $1,301,289 over the last quarter. 0.41% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Up 0.5%

Shares of NYSE PNC opened at $196.92 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 1.05. The company has a market cap of $77.90 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.46 and a beta of 1.07. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The stock has a 50-day moving average price of $182.39 and a two-hundred day moving average price of $180.13.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.39 earnings per share. As a group, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 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 Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.45%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is currently 46.51%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PNC. TD Cowen began coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. HSBC upgraded shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their price objective for the company from $206.00 to $202.00 in a report on Monday, March 31st. Wells Fargo & Company lowered their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Barclays dropped their price target 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. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $212.76.

The PNC Financial Services Group Company Profile

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.

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