Cullen Capital Management LLC Acquires New Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Cullen Capital Management acquired 181,298 PNC shares worth approximately $44.6 million in the second quarter, while institutional investors collectively own 83.53% of the company.
• Analysts remain broadly positive, with an average “Moderate Buy” rating and a consensus price target of $265.73, above PNC’s reported share price of $243.70.
• PNC exceeded quarterly expectations with $4.85 in earnings per share and $6.88 billion in revenue, while raising its quarterly dividend to $2.00 per share, equivalent to a 3.3% annual yield.

Cullen Capital Management LLC bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm bought 181,298 shares of the financial services provider's stock, valued at approximately $44,639,000.

Other large investors also recently bought and sold shares of the company. D.B. Root & Company LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth $1,123,000. Flavin Financial Services Inc. purchased a new stake in shares of The PNC Financial Services Group during the second quarter valued at $3,439,000. Ally Financial Inc. acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $1,724,000. Cibc World Market Inc. acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $3,686,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in The PNC Financial Services Group in the 2nd quarter worth $14,177,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Citigroup lifted 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 report on Monday, July 20th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Oppenheimer lifted their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Royal Bank Of Canada upped 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 report on Thursday, July 16th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. One equities research 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 MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $243.70 on Tuesday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The firm has a market cap of $97.22 billion, a price-to-earnings ratio of 13.41, a PEG ratio of 0.96 and a beta of 0.91. The firm's fifty day moving average is $248.56 and its two-hundred day moving average is $229.42.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates 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 company's revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business posted $3.85 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 3.3%. This is a positive change 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 dividend payout ratio is 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction 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 trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by corporate insiders.

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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