Kovack Advisors Inc. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 4,615 shares of the financial services provider's stock, valued at approximately $811,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Cornerstone Planning Group LLC increased its holdings in shares of The PNC Financial Services Group by 50.8% in the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in shares of The PNC Financial Services Group in the 1st quarter worth $35,000. REAP Financial Group LLC increased its holdings in shares of The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after buying an additional 80 shares during the last quarter. Hoey Investments Inc. bought a new position in shares of The PNC Financial Services Group in the 4th quarter worth $39,000. Finally, True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares during the last quarter. Institutional investors own 83.53% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on PNC shares. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and raised their price objective for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. decreased their price objective on The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a report on Thursday, April 3rd. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 31st. Finally, Bank of America increased their target price on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $212.76.
View Our Latest Stock Report on The PNC Financial Services Group
The PNC Financial Services Group Trading Down 0.1%
PNC traded down $0.20 during trading on Friday, hitting $195.95. 1,817,324 shares of the stock traded hands, compared to its average volume of 2,743,946. The firm has a market capitalization of $77.51 billion, a P/E ratio of 13.40, a price-to-earnings-growth ratio of 1.46 and a beta of 1.07. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.80 and a quick ratio of 0.80. The firm has a 50-day moving average of $184.26 and a 200 day moving average of $180.38. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company earned $3.39 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.
The PNC Financial Services Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a $1.70 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 46.51%.
Insider Buying and Selling
In other news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,061 shares of company stock worth $1,199,723. Corporate insiders own 0.41% of the company's stock.
The PNC Financial Services Group Profile
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Free Report)
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.
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