Meiji Yasuda Asset Management Co Ltd. Takes $2.12 Million Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Meiji Yasuda Asset Management initiated a $2.12 million position in PNC during the second quarter by purchasing 8,589 shares. Institutional investors collectively own 83.53% of the company.
• PNC reported quarterly EPS of $4.85, topping estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend from $1.70 to $2.00 per share, producing a 3.3% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $265.73. However, insiders sold 6,654 shares worth approximately $1.63 million over the past 90 days.

Meiji Yasuda Asset Management Co Ltd. bought 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 and Exchange Commission (SEC). The firm bought 8,589 shares of the financial services provider's stock, valued at approximately $2,115,000.

Other hedge funds have also made changes to their positions in the company. Mission Financial Group LLC acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth about $286,000. LM Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $212,000. Haverford Trust Co purchased a new stake in The PNC Financial Services Group during the second quarter valued at about $5,648,000. Clear Harbor Asset Management LLC purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth about $362,000. Finally, First Nebraska Trust Co purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $297,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity

In other news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,654 shares of company stock worth $1,627,011 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

The PNC Financial Services Group Trading Up 0.2%

NYSE PNC opened at $243.70 on Tuesday. The stock has a market cap of $97.22 billion, a P/E ratio of 13.41, a PEG ratio of 0.96 and a beta of 0.91. The company's fifty day simple moving average is $248.56 and its 200-day simple moving average is $229.42. 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, Inc has a 52 week low of $176.88 and a 52 week high of $258.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results 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 business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the business earned $3.85 EPS. The business's revenue was up 21.4% on a year-over-year basis. 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's payout ratio is 44.03%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PNC shares. UBS Group raised their price target on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Morgan Stanley lifted 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 report on Monday, June 29th. Citigroup increased their price target on 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, 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. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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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