Beacon Pointe Advisors LLC Invests $6.35 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Beacon Pointe Advisors acquired a new $6.35 million stake in PNC during the second quarter, purchasing 25,810 shares. Institutional investors and hedge funds collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, representing a 3.3% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $265.73 price target. Meanwhile, insiders sold 6,654 shares worth approximately $1.63 million over the past three months.

Beacon Pointe Advisors LLC acquired 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 & Exchange Commission. The firm acquired 25,810 shares of the financial services provider's stock, valued at approximately $6,354,000.

A number of other large investors have also recently made changes to their positions in PNC. Cvfg LLC raised its stake in shares of The PNC Financial Services Group by 2.5% during the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after purchasing an additional 43 shares during the last quarter. Trust Asset Management LLC raised its holdings in The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares in the last quarter. Baron Wealth Management LLC raised its holdings in The PNC Financial Services Group by 3.0% during 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 in the last quarter. Atom Investors LP boosted its holdings in The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after purchasing an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. increased its position in The PNC Financial Services Group by 0.4% during the 4th 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 owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction 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 sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 6,654 shares of company stock valued at $1,627,011. Corporate insiders own 0.38% of the company's stock.

Analyst Ratings Changes

PNC has been the subject of several recent analyst reports. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Barclays lifted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. UBS Group lifted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. Stephens upped their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Finally, Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $242.24 on Friday. The business has a 50-day moving average of $249.40 and a two-hundred day moving average of $229.61. The firm has a market capitalization of $96.64 billion, a PE ratio of 13.33, a P/E/G ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. 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 (NYSE:PNC - Get Free Report) last posted 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 business had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the business posted $3.85 EPS. The business's quarterly revenue was up 21.4% on a year-over-year basis. As a group, research analysts forecast 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 disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.

The PNC Financial Services Group Company 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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