Envestnet Asset Management Inc. Boosts Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Envestnet Asset Management Inc. lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,735,441 shares of the financial services provider's stock after purchasing an additional 84,224 shares during the quarter. Envestnet Asset Management Inc. owned about 0.44% of The PNC Financial Services Group worth $305,038,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock valued at $7,273,794,000 after acquiring an additional 268,827 shares during the period. Franklin Resources Inc. boosted its holdings in The PNC Financial Services Group by 5.3% during the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after acquiring an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in The PNC Financial Services Group by 10.7% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock valued at $1,453,763,000 after acquiring an additional 726,115 shares during the period. Norges Bank purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,352,151,000. Finally, Northern Trust Corp boosted its holdings in The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after acquiring an additional 608,375 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

PNC traded up $1.97 during trading on Tuesday, hitting $198.22. 4,366,480 shares of the stock were exchanged, compared to its average volume of 2,406,115. The firm has a market capitalization of $78.41 billion, a P/E ratio of 14.00, a PEG ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The stock has a fifty day moving average price of $176.56 and a two-hundred day moving average price of $179.94. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping the consensus estimate of $3.47 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. As a group, sell-side 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 business 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 is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is 45.20%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff bought 1,000 shares of the stock in a transaction on Friday, April 25th. The shares were bought at an average cost of $158.22 per share, for a total transaction of $158,220.00. Following the purchase, the director owned 2,009 shares of the company's stock, valued at $317,863.98. This trade represents a 99.11% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,787 shares of company stock worth $1,782,794. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNC. HSBC upgraded The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their target price for the company from $206.00 to $202.00 in a report on Monday, March 31st. Barclays lowered their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group increased their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company reduced their price target on The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Finally, Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research report on Tuesday. Two analysts have rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $207.11.

The PNC Financial Services Group 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.