NewEdge Wealth LLC Buys New Position in The PNC Financial Services Group, Inc $PNC

Key Points

• NewEdge Wealth purchased 29,669 PNC shares worth approximately $7.3 million in the second quarter. Institutional investors collectively own 83.53% of the company.
• PNC reported strong quarterly results, with EPS of $4.85 beating estimates of $4.46 and revenue rising 21.4% year over year to $6.88 billion.
• The company increased its quarterly dividend to $2.00, or $8.00 annually, representing a 3.2% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.

NewEdge Wealth LLC purchased 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. The firm purchased 29,669 shares of the financial services provider's stock, valued at approximately $7,305,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider's stock worth $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. BlackRock Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at $7,921,455,000. State Street Corp grew its position in The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after buying an additional 77,302 shares during the last quarter. Capital International Investors increased its stake in The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after buying an additional 1,101,055 shares during the period. Finally, Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $1,967,080,000. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $246.56 on Thursday. 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 firm has a market capitalization of $98.36 billion, a P/E ratio of 13.57, a PEG ratio of 1.01 and a beta of 0.91. The company's fifty day moving average is $248.01 and its two-hundred day moving average is $229.11.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) 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 the consensus estimate of $6.51 billion. During the same quarter last year, the firm posted $3.85 EPS. The business's revenue was up 21.4% compared to the same quarter last year. Analysts forecast 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 declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's payout ratio is currently 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the firm's 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 of the company's stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 51,654 shares of company stock valued at $11,552,661. Company insiders own 0.38% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on PNC shares. Oppenheimer raised their target price on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Citigroup boosted their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Barclays lifted their price objective on 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. Finally, JPMorgan Chase & Co. boosted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $265.73.

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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