Bank of Nova Scotia bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 128,210 shares of the financial services provider's stock, valued at approximately $31,568,000.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cvfg LLC lifted its position in The PNC Financial Services Group by 2.5% during the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after acquiring an additional 43 shares during the period. Trust Asset Management LLC increased its holdings in shares of The PNC Financial Services Group by 1.0% in the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock valued at $1,097,000 after purchasing an additional 43 shares during the period. Baron Wealth Management LLC raised its stake in shares of The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after purchasing an additional 46 shares during the last quarter. Atom Investors LP raised its stake in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after purchasing an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock worth $2,847,000 after purchasing an additional 48 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.
The PNC Financial Services Group Stock Down 0.0%
The PNC Financial Services Group stock opened at $243.05 on Monday. The firm has a market cap of $96.96 billion, a price-to-earnings ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The business's 50-day moving average price is $248.28 and its 200 day moving average price is $229.35. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly 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 company had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same period last year, the business earned $3.85 earnings per share. As a group, sell-side analysts anticipate 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's payout ratio is currently 44.03%.
Insider Activity
In other news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction dated Friday, June 12th. The shares were 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. This trade represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,654 shares of company stock worth $11,552,661 in the last ninety days. Corporate insiders own 0.38% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on PNC. Argus upped their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. UBS Group lifted their price objective 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 upped their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Stephens increased their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Citigroup raised their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $265.73.
Read Our Latest Research Report on The PNC Financial Services Group
About The PNC Financial Services Group
(
Free Report)
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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