Farmers & Merchants Investments Inc. Purchases 10,154 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Farmers & Merchants Investments increased its PNC stake by 2,002.8% in the third quarter, purchasing 10,154 shares and bringing its holdings to 10,661 shares valued at approximately $2.37 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly EPS of $5.09, exceeding estimates of $4.91, while revenue reached $6.60 billion, up 10.9% year over year. The company also announced a quarterly dividend of $2.00 per share, equivalent to an annualized yield of 3.6%.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $266.13, compared with PNC’s reported share price of $224.49.

Farmers & Merchants Investments Inc. lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 2,002.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,661 shares of the financial services provider's stock after purchasing an additional 10,154 shares during the period. Farmers & Merchants Investments Inc.'s holdings in The PNC Financial Services Group were worth $2,370,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Trust Asset Management LLC lifted its position in shares of The PNC Financial Services Group by 1.0% in the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares in the last quarter. SJS Investment Consulting Inc. boosted its holdings in The PNC Financial Services Group by 34.2% in the 1st quarter. SJS Investment Consulting Inc. now owns 196 shares of the financial services provider's stock valued at $41,000 after purchasing an additional 50 shares during the period. United Community Bank lifted its holdings in shares of The PNC Financial Services Group by 0.8% during the 2nd quarter. United Community Bank now owns 6,523 shares of the financial services provider's stock worth $1,606,000 after acquiring an additional 50 shares during the period. Relyea Zuckerberg Hanson LLC boosted its stake in The PNC Financial Services Group by 3.2% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 1,647 shares of the financial services provider's stock valued at $343,000 after buying an additional 51 shares in the last quarter. Finally, Klingman & Associates LLC grew its holdings in shares of The PNC Financial Services Group by 4.9% in the 1st quarter. Klingman & Associates LLC now owns 1,085 shares of the financial services provider's stock worth $226,000 after purchasing an additional 51 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.

The PNC Financial Services Group Trading Down 0.5%

Shares of NYSE:PNC opened at $224.49 on Friday. The business has a 50 day moving average of $232.07 and a 200-day moving average of $233.54. The stock has a market cap of $89.56 billion, a PE ratio of 11.95, a P/E/G ratio of 1.16 and a beta of 0.94. The PNC Financial Services Group, Inc has a 12-month low of $177.08 and a 12-month high of $258.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.91 by $0.18. The firm had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The business's revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.35 EPS. As a group, equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be given a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 42.58%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PNC shares. Oppenheimer raised their price objective on shares of The PNC Financial Services Group from $263.00 to $269.00 and gave the company an "outperform" rating in a research report on Friday, October 16th. Morgan Stanley lowered their target price on shares of The PNC Financial Services Group from $278.00 to $273.00 and set an "equal weight" rating for the company in a report on Friday, October 16th. Robert W. Baird upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. TD Cowen lowered their price target on The PNC Financial Services Group from $245.00 to $240.00 and set a "hold" rating for the company in a research note on Friday, October 16th. Finally, Citigroup reduced their price target on shares of The PNC Financial Services Group from $290.00 to $270.00 and set a "buy" rating on the stock in a research report on Monday, October 19th. Seventeen research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $266.13.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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