Hennessy Advisors Inc. Has $4.81 Million Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Hennessy Advisors increased its PNC stake by 144.3% in the second quarter, ending with 19,547 shares valued at approximately $4.81 million.
• Institutional investors own 83.53% of PNC, while insiders sold 6,654 shares worth $1.63 million during the latest quarter.
• PNC surpassed quarterly earnings and revenue estimates, reporting $4.85 EPS and $6.88 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73, and the company raised its quarterly dividend to $2.00.

Hennessy Advisors Inc. boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 144.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 19,547 shares of the financial services provider's stock after acquiring an additional 11,547 shares during the period. Hennessy Advisors Inc.'s holdings in The PNC Financial Services Group were worth $4,813,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $7,921,455,000. State Street Corp grew its holdings in shares of The PNC Financial Services Group by 0.4% during 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 purchasing an additional 77,302 shares during the last quarter. Capital International Investors raised 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 worth $2,491,819,000 after purchasing 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 worth approximately $1,967,080,000. Finally, Geode Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock worth $1,841,387,000 after purchasing an additional 30,078 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction 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 of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 6,654 shares of company stock valued at $1,627,011 over the last quarter. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PNC. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research note on Thursday, July 16th. Royal Bank Of Canada raised their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. UBS Group upped their price target 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. Finally, Barclays increased their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $242.24 on Monday. The firm has a market capitalization of $96.64 billion, a PE ratio of 13.33, a P/E/G ratio of 0.96 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The firm has a 50-day moving average price of $249.40 and a 200 day moving average price of $229.53. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates 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 firm's quarterly revenue was up 21.4% on a year-over-year basis. During the same period last year, the company posted $3.85 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's payout ratio is 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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