Massachusetts Financial Services Co. MA Increases Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 26.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,502,467 shares of the financial services provider's stock after buying an additional 1,964,157 shares during the period. Massachusetts Financial Services Co. MA owned 2.40% of The PNC Financial Services Group worth $1,670,249,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Mechanics Financial Corp purchased a new position in The PNC Financial Services Group in the 4th quarter worth about $541,000. AssuredPartners Investment Advisors LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth about $739,000. Premier Fund Managers Ltd grew its holdings in The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock worth $9,511,000 after acquiring an additional 13,700 shares in the last quarter. PKS Advisory Services LLC bought a new position in The PNC Financial Services Group during the 4th quarter worth about $357,000. Finally, Exane Asset Management grew its holdings in The PNC Financial Services Group by 32.9% during the 1st quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after acquiring an additional 37,110 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PNC. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. JPMorgan Chase & Co. dropped their target price on shares of 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. Raymond James Financial upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price on the stock in a report on Tuesday, July 8th. Barclays dropped their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $185.00 to $212.00 in a report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $211.00.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction that occurred on 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 directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% 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, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 9,545 shares of company stock valued at $1,590,080. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.7%

NYSE PNC traded up $1.30 during trading hours on Thursday, reaching $195.23. The company had a trading volume of 1,250,022 shares, compared to its average volume of 2,136,346. The stock has a 50-day moving average of $181.20 and a 200 day moving average of $180.24. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The stock has a market capitalization of $77.23 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.52 and a beta of 1.07.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The business's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.39 earnings per share. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.48%. The ex-dividend date of this dividend is Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is currently 48.02%.

The PNC Financial Services Group Profile

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.