Davis Rea LTD. lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 54,135 shares of the financial services provider's stock after buying an additional 10,175 shares during the period. The PNC Financial Services Group comprises about 2.5% of Davis Rea LTD.'s holdings, making the stock its 12th largest position. Davis Rea LTD.'s holdings in The PNC Financial Services Group were worth $9,515,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of PNC. Brighton Jones LLC grew its stake in shares of The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after acquiring an additional 984 shares during the period. EntryPoint Capital LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth about $233,000. Modern Wealth Management LLC boosted its stake in The PNC Financial Services Group by 255.9% in the 4th quarter. Modern Wealth Management LLC now owns 4,765 shares of the financial services provider's stock worth $940,000 after purchasing an additional 3,426 shares during the period. PKS Advisory Services LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth about $357,000. Finally, Meiji Yasuda Asset Management Co Ltd. boosted its stake in The PNC Financial Services Group by 3.2% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,520 shares of the financial services provider's stock worth $2,607,000 after purchasing an additional 415 shares during the period. Hedge funds and other institutional investors own 83.53% of the company's stock.
The PNC Financial Services Group Price Performance
The PNC Financial Services Group stock traded down $0.20 during midday trading on Friday, reaching $195.95. The company had a trading volume of 1,817,324 shares, compared to its average volume of 2,743,946. The company has a market capitalization of $77.51 billion, a P/E ratio of 13.40, a P/E/G ratio of 1.46 and a beta of 1.07. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm's fifty day simple moving average is $184.26 and its 200-day simple moving average is $180.38. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. During the same period last year, the company posted $3.39 EPS. The business's revenue was up 4.6% on a year-over-year basis. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.47%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.
Wall Street Analyst Weigh In
Several brokerages have issued reports on PNC. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and cut their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Royal Bank Of Canada decreased their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Bank of America increased their target price on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Finally, Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price target for the stock from $185.00 to $212.00 in a research note on Wednesday, July 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, The PNC Financial Services Group has an average rating of "Moderate Buy" and an average target price of $212.76.
Get Our Latest Research Report on The PNC Financial Services Group
Insider Buying and Selling
In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares of the company's stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,061 shares of company stock worth $1,199,723 over the last three months. Corporate insiders own 0.41% of the company's stock.
About The PNC Financial Services Group
(
Free Report)
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.
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