Bahl & Gaynor LLC Acquires New Shares in The PNC Financial Services Group, Inc $PNC

Key Points

• Bahl & Gaynor acquired 1.85 million PNC shares in the third quarter, valued at about $410 million. The position represents 0.46% of PNC and is 1.9% of the firm’s portfolio.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $266.04; recent target changes were mixed. Seventeen analysts rate the stock Buy and eight rate it Hold.
• PNC reported quarterly EPS of $5.09, beating estimates of $4.91, while revenue of $6.60 billion slightly missed forecasts but rose 10.9% year over year. The company’s annualized dividend is $8 per share, a 3.5% yield.

Bahl & Gaynor LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,845,058 shares of the financial services provider's stock, valued at approximately $410,083,000. The PNC Financial Services Group accounts for approximately 1.9% of Bahl & Gaynor LLC's investment portfolio, making the stock its 10th biggest position. Bahl & Gaynor LLC owned 0.46% of The PNC Financial Services Group as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in PNC. Highland Investment Advisors LLC purchased a new stake in The PNC Financial Services Group during the second quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in The PNC Financial Services Group in the second quarter valued at $28,000. Archer Investment Corp purchased a new position in The PNC Financial Services Group in the second quarter valued at $33,000. Wilkerson Advisory Group LLC increased its holdings in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after buying an additional 71 shares in the last quarter. Finally, Dunhill Financial LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter worth about $37,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.38% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Royal Bank Of Canada lowered their target price on shares of The PNC Financial Services Group from $273.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, October 16th. Jefferies Financial Group cut their price target on The PNC Financial Services Group from $305.00 to $280.00 and set a "buy" rating for the company in a research note on Thursday, September 24th. HSBC upped their price target on The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a "buy" rating in a report on Monday, September 28th. Morgan Stanley lowered their price target on The PNC Financial Services Group from $278.00 to $273.00 and set an "equal weight" rating on the stock in a research report on Friday, October 16th. Finally, Stephens dropped their price objective on The PNC Financial Services Group from $265.00 to $250.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $266.04.

The PNC Financial Services Group Stock Down 0.1%

PNC stock opened at $231.06 on Wednesday. The PNC Financial Services Group, Inc has a 52 week low of $177.08 and a 52 week high of $258.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28. The firm has a 50-day simple moving average of $228.20 and a 200-day simple moving average of $229.27. The stock has a market capitalization of $91.68 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.20 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating analysts' consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period last year, the company posted $4.35 EPS. The PNC Financial Services Group's quarterly revenue was up 10.9% compared to the same quarter last year. Equities analysts forecast that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC's businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

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