Freestone Grove Partners LP Invests $1.72 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Freestone Grove Partners acquired 6,984 PNC shares worth approximately $1.72 million during the second quarter. Institutional investors collectively own 83.53% of PNC’s outstanding stock.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $265.73; recent targets range from $265 to $290.
• PNC reported quarterly EPS of $4.85, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, implying a 3.3% annualized yield.

Freestone Grove Partners LP acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,984 shares of the financial services provider's stock, valued at approximately $1,720,000.

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

Analysts Set New Price Targets

PNC has been the topic of a number of recent research reports. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Citigroup upped their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research note on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded shares of 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. Finally, Stephens boosted their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average target price of $265.73.

Insider Activity

In related news, EVP Stacy M. Juchno sold 3,354 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 6,654 shares of company stock valued at $1,627,011. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $242.24 on Friday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The company has a market cap of $96.64 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The stock's 50-day simple moving average is $249.40 and its 200 day simple moving average is $229.61.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business's quarterly revenue was up 21.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.85 earnings per share. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

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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