Haverford Trust Co Invests $5.65 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Haverford Trust acquired a $5.65 million stake in PNC during the second quarter, while institutional investors collectively own 83.53% of the company.
• PNC reported strong quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, both exceeding analyst estimates; revenue rose 21.4% year over year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73. PNC also raised its quarterly dividend to $2.00 per share, implying a 3.3% annual yield.

Haverford Trust Co acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,937 shares of the financial services provider's stock, valued at approximately $5,648,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Clear Harbor Asset Management LLC bought a new position in The PNC Financial Services Group in the 2nd quarter worth about $362,000. First Nebraska Trust Co bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $297,000. Bank of Nova Scotia purchased a new position in shares of The PNC Financial Services Group during the second quarter worth about $31,568,000. Vista Investment Management bought a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $3,378,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in The PNC Financial Services Group in the second quarter valued at approximately $2,244,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the business's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. The trade was a 15.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 51,654 shares of company stock valued at $11,552,661 in the last 90 days. 0.38% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research analyst reports. Stephens increased their price target on shares of 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. Royal Bank Of Canada upped their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a research report on Thursday, July 16th. Oppenheimer increased their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Morgan Stanley lifted their price target on 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. Finally, Robert W. Baird increased their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a research 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 company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Price Performance

PNC stock opened at $243.05 on Friday. 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 PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.96. The firm's fifty day moving average is $248.28 and its 200 day moving average is $229.34. The firm has a market cap of $96.96 billion, a P/E ratio of 13.38, a P/E/G ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm posted $3.85 earnings per share. The firm's revenue for the quarter was up 21.4% on a year-over-year basis. Research 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a dividend of $2.00 per share. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a boost 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 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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