Handelsbanken Fonder AB Raises Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Handelsbanken Fonder increased its PNC stake by 8.1% in the second quarter, bringing its holdings to 152,665 shares valued at approximately $37.6 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also raised its quarterly dividend from $1.70 to $2.00, equating to a 3.1% yield.
• Analysts remain broadly positive, with PNC carrying a “Moderate Buy” consensus rating and an average price target of $265.73, compared with a share price of $254.04. However, insiders sold 48,300 shares worth roughly $10.7 million during the last quarter.

Handelsbanken Fonder AB lifted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 8.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 152,665 shares of the financial services provider's stock after purchasing an additional 11,420 shares during the quarter. Handelsbanken Fonder AB's holdings in The PNC Financial Services Group were worth $37,589,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after buying an additional 408,464 shares in the last quarter. State Street Corp increased its holdings in The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after acquiring an additional 1,101,055 shares during the period. Norges Bank acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC lifted its position in shares of The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 0.9%

Shares of The PNC Financial Services Group stock opened at $254.04 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.13. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The business has a 50 day moving average price of $244.86 and a 200 day moving average price of $227.76. The company has a market capitalization of $101.35 billion, a P/E ratio of 13.98, a P/E/G ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion for 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 PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.85 EPS. Sell-side analysts anticipate 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 given a $2.00 dividend. 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 3.1%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PNC. 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 report on Monday, July 20th. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a report on Monday, June 29th. Argus boosted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Wells Fargo & Company raised their price target 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. Finally, Barclays lifted their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $265.73.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 over the last quarter. Insiders own 0.38% of the company's stock.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source