Ontario Teachers Pension Plan Board Invests $10.78 Million in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• The Ontario Teachers Pension Plan Board has acquired a new stake in The PNC Financial Services Group, purchasing 61,307 shares valued at approximately $10.8 million.
• Insiders at PNC Financial Services Group, including EVP Kieran John Fallon and CEO William S. Demchak, recently sold shares, indicating a 6.79% and 0.22% decrease in their respective holdings.
• The company has declared an increased quarterly dividend of $1.70 per share, up from the previous $1.60, resulting in an annualized dividend yield of 3.6%.

Ontario Teachers Pension Plan Board acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 61,307 shares of the financial services provider's stock, valued at approximately $10,776,000.

Other large investors also recently modified their holdings of the company. Cornerstone Planning Group LLC lifted its position in The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 65 shares during the last quarter. REAP Financial Group LLC lifted its position in The PNC Financial Services Group by 67.2% during the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC lifted its position in The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in The PNC Financial Services Group during the first quarter valued at approximately $35,000. Finally, Fourth Dimension Wealth LLC bought a new stake in The PNC Financial Services Group during the first quarter valued at approximately $41,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Up 1.3%

The PNC Financial Services Group stock traded up $2.46 during mid-day trading on Friday, reaching $189.58. 1,020,079 shares of the company traded hands, compared to its average volume of 2,093,945. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The firm's 50 day moving average price is $187.37 and its 200 day moving average price is $179.97. The firm has a market capitalization of $74.66 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.39 and a beta of 1.09. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The company 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 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.39 EPS. On average, 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 company also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Oppenheimer upgraded shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price for the company in a research report on Wednesday, July 30th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a report on Wednesday, April 16th. The Goldman Sachs Group boosted their price objective on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, TD Cowen started coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at approximately $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,976 shares of company stock worth $693,765. 0.41% of the stock is currently owned by company insiders.

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.