Eastern Bank Raises Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Eastern Bank increased its PNC stake by 4.9% in the second quarter, bringing its holdings to 239,171 shares valued at approximately $58.9 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• PNC reported stronger-than-expected quarterly results, with EPS of $4.85 versus the $4.46 consensus and revenue of $6.66 billion. Revenue rose 21.4% year over year, while shares opened at $251.51, near their 52-week high.
• PNC raised its quarterly dividend to $2.00 from $1.70, implying an annualized dividend of $8.00 and a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73, although insiders sold roughly $10.7 million of stock over the past 90 days.

Eastern Bank boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,171 shares of the financial services provider's stock after acquiring an additional 11,240 shares during the quarter. Eastern Bank owned 0.06% of The PNC Financial Services Group worth $58,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its holdings in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after purchasing an additional 984 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after buying an additional 170 shares during the period. Sivia Capital Partners LLC grew its stake in shares of The PNC Financial Services Group by 50.3% in the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock valued at $807,000 after purchasing an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina grew its position in The PNC Financial Services Group by 1.5% in the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after buying an additional 2,808 shares during the last quarter. Finally, Diversify Advisory Services LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter worth about $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were 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 $2,370,906.93. The trade was a 80.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Up 0.7%

Shares of NYSE:PNC opened at $251.51 on Tuesday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The stock has a market capitalization of $101.00 billion, a P/E ratio of 13.84, a PEG ratio of 0.99 and a beta of 0.91. The stock has a 50-day simple moving average of $240.88 and a 200-day simple moving average of $226.35.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to the consensus estimate 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 company's revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.85 EPS. Equities analysts forecast 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 firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be given a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is an increase 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 3.2%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price objective on the stock. in a report on Thursday, July 23rd. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research report on Thursday, April 16th. Barclays boosted their target price on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Robert W. Baird increased 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 note on Thursday, July 16th. Finally, Oppenheimer increased their price objective on shares of 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $265.73.

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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