Avalon Trust Co Acquires 1,547 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Avalon Trust Co has increased its holdings in The PNC Financial Services Group by 1.2%, now owning 132,719 shares valued at approximately $23.3 million.
• Insider transactions include Kieran John Fallon selling 1,492 shares and William S. Demchak selling 1,242 shares, indicating a slight decrease in their positions.
• After a recent earnings report, analysts have mixed recommendations, with Bank of America raising its price target to $226 and various ratings reflecting a "Moderate Buy" consensus for the stock.

Avalon Trust Co lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 132,719 shares of the financial services provider's stock after buying an additional 1,547 shares during the quarter. The PNC Financial Services Group comprises 1.9% of Avalon Trust Co's portfolio, making the stock its 13th biggest holding. Avalon Trust Co's holdings in The PNC Financial Services Group were worth $23,328,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Massachusetts Financial Services Co. MA raised its holdings in The PNC Financial Services Group by 26.1% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the last quarter. Leigh Baldwin & CO. LLC bought a new stake in The PNC Financial Services Group during the 4th quarter worth about $299,864,000. GAMMA Investing LLC raised its holdings in The PNC Financial Services Group by 19,279.5% during the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after purchasing an additional 1,143,079 shares during the last quarter. Northern Trust Corp raised its holdings in The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after purchasing an additional 608,375 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its holdings in The PNC Financial Services Group by 84.8% during the 1st quarter. Assenagon Asset Management S.A. now owns 811,372 shares of the financial services provider's stock worth $142,615,000 after purchasing an additional 372,323 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the transaction, the executive vice president 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 5,218 shares of company stock valued at $900,918. Insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Royal Bank Of Canada dropped their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Bank of America boosted their price objective on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a report on Thursday, July 17th. Barclays lowered their price target on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Morgan Stanley upped their price target on The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $185.78 on Friday. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50 day simple moving average of $185.92 and a 200 day simple moving average of $180.17. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The firm has a market capitalization of $73.49 billion, a PE ratio of 12.71, a P/E/G ratio of 1.38 and a beta of 1.09.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the prior year, the firm posted $3.39 EPS. The business's revenue was up 4.6% on a year-over-year basis. Sell-side analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared 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 an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.7%. The PNC Financial Services Group's payout ratio is currently 46.51%.

The PNC Financial Services Group 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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