Citizens Financial Group Inc. RI Invests $4.99 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Citizens Financial Group established a new $4.99 million position in PNC during the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73. PNC recently exceeded quarterly earnings and revenue estimates, reporting EPS of $4.85 and revenue of $6.88 billion.
• PNC raised its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 payout and a 3.1% yield. Meanwhile, insiders sold 51,654 shares worth approximately $11.55 million over the past quarter.

Citizens Financial Group Inc. RI purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 20,262 shares of the financial services provider's stock, valued at approximately $4,989,000.

Other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the second quarter worth about $7,921,455,000. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Viking Global Investors LP grew its position in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. Deutsche Bank AG purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $1,054,189,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $630,949,000. Institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PNC shares. Oppenheimer upped their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Citigroup increased their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective for the company. in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $265.73.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated 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 completion of the transaction, the director owned 10,749 shares of the company's stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Down 0.9%

The PNC Financial Services Group stock opened at $254.65 on Tuesday. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The firm has a market capitalization of $101.59 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.02 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm has a 50 day simple moving average of $247.28 and a 200 day simple moving average of $228.73.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.85 EPS. On average, analysts predict 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio is presently 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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source