Meeder Advisory Services Inc. Purchases New Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Meeder Advisory Services acquired 12,512 shares of PNC valued at approximately $3.08 million. Institutional investors own 83.53% of the company, with BlackRock, Norges Bank and other major funds also building positions.
• PNC reported quarterly earnings of $4.85 per share, exceeding estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. Shares opened at $254.43, near their 12-month high of $258.96.
• PNC raised its quarterly dividend to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.1% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $265.73.

Meeder Advisory Services Inc. acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 12,512 shares of the financial services provider's stock, valued at approximately $3,081,000.

Other institutional investors also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $7,921,455,000. Norges Bank bought a new position in The PNC Financial Services Group in the 4th quarter worth about $1,967,080,000. Viking Global Investors LP raised its stake in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock valued at $1,598,753,000 after purchasing an additional 5,581,102 shares in the last quarter. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group during the second quarter valued at about $1,054,189,000. Finally, Bank of New York Mellon Corp bought a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $630,949,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Down 0.0%

Shares of PNC stock opened at $254.43 on Wednesday. The stock has a market capitalization of $101.50 billion, a price-to-earnings ratio of 14.00, a price-to-earnings-growth ratio of 1.02 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 stock's 50-day moving average price is $247.74 and its 200-day moving average price is $228.96. 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 posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the prior year, the company earned $3.85 EPS. The company's quarterly revenue was up 21.4% compared to the same quarter last year. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed 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. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price for the company. in a report on Thursday, July 23rd. Citigroup boosted their target price 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. Robert W. Baird raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Oppenheimer lifted their target price on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. One 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, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $265.73.

Insider Activity

In other news, EVP Michael Duane Thomas sold 1,500 shares of The PNC Financial Services Group 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 completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group 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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