Flputnam Investment Management Co. Invests $3.46 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Flputnam Investment Management acquired 14,031 PNC shares worth approximately $3.46 million during the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $265.73; recent targets range from $265 to $284.
• PNC reported quarterly EPS of $4.85 and revenue of $6.88 billion, exceeding estimates, while revenue rose 21.4% year over year. The company also increased its quarterly dividend to $2.00 per share, producing a 3.1% annualized yield.

Flputnam Investment Management Co. purchased 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 Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,031 shares of the financial services provider's stock, valued at approximately $3,455,000.

Several other large investors have also recently added to or reduced their stakes in PNC. Cvfg LLC boosted its holdings in The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after purchasing an additional 43 shares during the period. Trust Asset Management LLC raised its holdings in shares of The PNC Financial Services Group by 1.0% during 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 during the period. Baron Wealth Management LLC lifted its position in shares of The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after buying an additional 46 shares during the last quarter. Atom Investors LP boosted its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock valued at $529,000 after buying an additional 46 shares during the period. Finally, Flavin Financial Services Inc. boosted its holdings in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock valued at $2,847,000 after buying an additional 48 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. Barclays upped their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Weiss Ratings reiterated a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Stephens raised their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

PNC opened at $256.91 on Monday. 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 business's 50 day moving average is $246.72 and its 200-day moving average is $228.51. The stock has a market cap of $102.49 billion, a PE ratio of 14.14, a price-to-earnings-growth ratio of 1.02 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.13.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data 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 PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the company posted $3.85 EPS. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. On average, analysts predict 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group's payout ratio is presently 44.03%.

Insiders Place Their Bets

In related news, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated 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 sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Company 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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