Kingsview Wealth Management LLC Invests $4.98 Million in The PNC Financial Services Group, Inc $PNC

Key Points

• Kingsview Wealth Management purchased 20,241 PNC shares in the second quarter, valued at approximately $4.98 million. Institutional investors own 83.53% of PNC’s outstanding stock.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $265.73; several firms recently raised their targets to between $280 and $290.
• PNC beat quarterly earnings and revenue expectations, reporting $4.85 in EPS and $6.88 billion in revenue, while increasing its quarterly dividend to $2.00 per share, equivalent to an annualized yield of about 3.3%.

Kingsview Wealth Management LLC purchased 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 disclosure with the Securities & Exchange Commission. The fund purchased 20,241 shares of the financial services provider's stock, valued at approximately $4,984,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. BlackRock Inc. bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $1,967,080,000. Bank of America Corp DE bought a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Viking Global Investors LP raised its position in shares of The PNC Financial Services Group by 234.9% in the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $1,054,189,000. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PNC has been the topic of a number of recent research reports. Wells Fargo & Company raised their price objective 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. Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a report on Thursday, July 16th. Oppenheimer increased their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Citigroup raised their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a report on Monday, July 20th. Finally, UBS Group lifted their price objective 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. One research 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 company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Trading Down 0.5%

NYSE PNC opened at $242.24 on Friday. The company has a fifty day simple moving average of $249.40 and a two-hundred day simple moving average of $229.61. The stock has a market cap of $96.64 billion, a P/E ratio of 13.33, a P/E/G ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts' consensus estimates 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 firm had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period in the previous year, the company earned $3.85 earnings per share. The business's quarterly revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a 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 payout ratio is presently 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction that occurred on 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 sale, 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 position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is currently owned by insiders.

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.

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