Daiichi Life Insurance Co. Ltd. acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 21,263 shares of the financial services provider's stock, valued at approximately $5,235,000.
Other institutional investors have also modified their holdings of the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $25,000. Quarry LP purchased a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth about $28,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $29,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $31,000. Institutional investors and hedge funds own 83.53% of the company's stock.
Insider Buying and Selling
In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group 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 transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is owned by corporate insiders.
Analyst Ratings Changes
A number of equities analysts have commented on PNC shares. Stephens increased their target price on 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. Barclays lifted their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Robert W. Baird boosted their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target for the company. in a research report on Thursday, July 23rd. Finally, Morgan Stanley raised their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $265.73.
Read Our Latest Analysis on The PNC Financial Services Group
The PNC Financial Services Group Stock Up 0.6%
Shares of NYSE PNC opened at $243.05 on Friday. The stock has a market cap of $96.96 billion, a PE ratio of 13.38, a P/E/G ratio of 0.96 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 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 50-day moving average of $248.28 and a 200 day moving average of $229.34.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 was up 21.4% on a year-over-year basis. During the same period last year, the company posted $3.85 EPS. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. This is a boost 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 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.
The PNC Financial Services Group Company Profile
(
Free Report)
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.
Further Reading
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