Candriam S.C.A. Purchases 12,540 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Candriam S.C.A. increased its stake in The PNC Financial Services Group by 8.0% in the first quarter, adding 12,540 shares and bringing its total holding to 168,890 shares valued at about $35.1 million.
• Insider selling picked up recently, with EVP Michael Duane Thomas and Director Andrew T. Feldstein selling shares; insiders have sold 48,300 shares worth about $10.7 million over the last 90 days.
• PNC reported solid results and raised its dividend, posting Q1 EPS of $4.32 versus estimates of $3.92 and increasing its quarterly dividend to $2.00 per share, equivalent to an annualized yield of 3.2%.

Candriam S.C.A. increased its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 168,890 shares of the financial services provider's stock after buying an additional 12,540 shares during the quarter. Candriam S.C.A.'s holdings in The PNC Financial Services Group were worth $35,144,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $29,000. Financial Life Planners bought a new stake in The PNC Financial Services Group in the 1st quarter valued at $31,000. Finally, Kemnay Advisory Services Inc. acquired a new position in The PNC Financial Services Group in the 4th quarter worth $32,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last ninety days. 0.38% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PNC. Barclays upped their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. UBS Group increased their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a report on Tuesday, July 7th. Finally, Stephens initiated coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an "overweight" rating and a $265.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $258.09.

The PNC Financial Services Group Stock Performance

PNC stock traded up $1.07 during trading hours on Friday, reaching $251.99. The stock had a trading volume of 2,892,810 shares, compared to its average volume of 2,235,505. The stock has a market capitalization of $101.19 billion, a PE ratio of 14.64, a price-to-earnings-growth ratio of 1.03 and a beta of 0.91. The stock has a 50-day simple moving average of $229.90 and a 200 day simple moving average of $222.05. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.00. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the business earned $3.51 earnings per share. The business's revenue was up 13.1% compared to the same quarter last year. Analysts predict that The PNC Financial Services Group, Inc will post 18.83 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a $2.00 dividend. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group's dividend payout ratio is presently 39.51%.

The PNC Financial Services Group 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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