M. Kulyk & Associates LLC Acquires Shares of 59,384 The PNC Financial Services Group, Inc $PNC

Key Points

• M. Kulyk & Associates LLC acquired 59,384 PNC shares worth approximately $14.6 million during the second quarter, making PNC its ninth-largest portfolio holding. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly earnings of $4.85 per share, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion.
• PNC increased its quarterly dividend to $2.00, or $8.00 annually, yielding about 3.1%. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73, modestly above the reported share price.

M. Kulyk & Associates LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 59,384 shares of the financial services provider's stock, valued at approximately $14,622,000. The PNC Financial Services Group makes up about 2.4% of M. Kulyk & Associates LLC's investment portfolio, making the stock its 9th biggest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $25,000. Quarry LP acquired a new position in The PNC Financial Services Group during the 3rd quarter worth approximately $25,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the 4th quarter worth approximately $29,000. Financial Life Planners purchased a new position in The PNC Financial Services Group in the 1st quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC grew its position in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 71 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $254.43 on Wednesday. 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 one year low of $176.88 and a one year high of $258.96. The company's 50-day simple moving average is $247.74 and its 200-day simple moving average is $228.96. The stock has a market capitalization of $101.50 billion, a price-to-earnings ratio of 14.00, a PEG ratio of 1.02 and a beta of 0.91.

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 the consensus estimate 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 PNC Financial Services Group's quarterly revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the company earned $3.85 earnings per share. Equities 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 company 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 3.1%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 51,654 shares of company stock valued at $11,552,661 over the last 90 days. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PNC shares. Robert W. Baird lifted 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 note on Thursday, July 16th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Barclays raised their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada boosted their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" 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 given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $265.73.

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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