HBK Sorce Advisory LLC Purchases Shares of 21,720 The PNC Financial Services Group, Inc $PNC

Key Points

• HBK Sorce Advisory purchased 21,720 PNC shares in the second quarter, valued at approximately $5.55 million. Institutional investors collectively own 83.53% of the company.
• PNC exceeded quarterly expectations, reporting $4.85 in earnings per share and $6.88 billion in revenue, with revenue up 21.4% year over year. The bank also raised its quarterly dividend to $2.00, producing a 3.1% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $265.73 price target, while insiders have sold 51,654 shares worth approximately $11.55 million over the past 90 days.

HBK Sorce Advisory LLC purchased a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 21,720 shares of the financial services provider's stock, valued at approximately $5,547,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cvfg LLC raised its stake 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 valued at $366,000 after purchasing an additional 43 shares in the last quarter. Trust Asset Management LLC lifted its position in 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 valued at $1,097,000 after purchasing an additional 43 shares during the last quarter. Baron Wealth Management LLC grew its stake in 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 in the last quarter. Atom Investors LP increased 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 worth $529,000 after buying an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. increased 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 worth $2,847,000 after buying an additional 48 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $256.91 on Monday. The firm has a market cap of $102.49 billion, a P/E ratio of 14.14, a P/E/G ratio of 1.02 and a beta of 0.91. The firm's fifty day moving average is $246.72 and its 200 day moving average is $228.51. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $258.13. 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 (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 disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued 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 presently 44.03%.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction that occurred 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 transaction, 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 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 PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% 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 51,654 shares of company stock worth $11,552,661. Insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNC. Robert W. Baird raised their price objective on shares of 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. UBS Group upped their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research note on Wednesday, July 29th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Finally, Morgan Stanley upped 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $265.73.

About The PNC Financial Services Group

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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