Commerce Bank Acquires 3,578 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Commerce Bank increased its stake in The PNC Financial Services Group by 6.2%, acquiring an additional 3,578 shares, resulting in a total of 61,099 shares worth approximately $10.74 million.
• The PNC Financial Services Group announced a quarterly dividend of $1.70 per share, up from the previous $1.60, signifying a 3.7% yield with a dividend payout ratio of 46.51%.
• In the latest earnings report, PNC showed earnings per share of $3.85, exceeding estimates, with a revenue of $3.01 billion, up 4.6% year-over-year.

Commerce Bank raised its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 6.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 61,099 shares of the financial services provider's stock after acquiring an additional 3,578 shares during the quarter. Commerce Bank's holdings in The PNC Financial Services Group were worth $10,739,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Cornerstone Planning Group LLC grew its holdings in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group in the first quarter worth about $35,000. REAP Financial Group LLC increased its holdings in shares of The PNC Financial Services Group by 67.2% in the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares in the last quarter. True Wealth Design LLC lifted its holdings in The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,218 shares of company stock valued at $900,918. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Trading Up 1.7%

Shares of NYSE:PNC traded up $3.25 during midday trading on Monday, hitting $189.13. 1,588,537 shares of the stock were exchanged, compared to its average volume of 2,597,905. The business's 50-day moving average price is $185.92 and its 200 day moving average price is $180.06. The stock has a market capitalization of $74.81 billion, a price-to-earnings ratio of 12.94, a P/E/G ratio of 1.38 and a beta of 1.09. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.80 and a current ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the firm earned $3.39 earnings per share. The company's revenue for the quarter was up 4.6% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be issued a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on PNC shares. Barclays lowered their price target on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Citigroup boosted their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Morgan Stanley lifted their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Finally, Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.