Park National Corp OH Has $12.06 Million Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Park National Corp OH increased its stake in The PNC Financial Services Group by 147% in the first quarter, ending with 57,980 shares valued at about $12.06 million.
• Insider selling was notable, with Director Andrew T. Feldstein and EVP Stephanie Novosel selling shares; insiders sold 48,300 shares over the last three months.
• PNC reported strong first-quarter earnings, beating EPS expectations at $4.32, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $246.72.

Park National Corp OH grew its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 147.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 57,980 shares of the financial services provider's stock after purchasing an additional 34,506 shares during the period. Park National Corp OH's holdings in The PNC Financial Services Group were worth $12,065,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Founders Financial Securities LLC grew its holdings in shares of The PNC Financial Services Group by 4.3% during the first quarter. Founders Financial Securities LLC now owns 18,673 shares of the financial services provider's stock worth $4,168,000 after buying an additional 775 shares in the last quarter. Genesis Private Wealth LLC raised its position in The PNC Financial Services Group by 15.2% in the 1st quarter. Genesis Private Wealth LLC now owns 2,134 shares of the financial services provider's stock valued at $444,000 after buying an additional 281 shares during the last quarter. Diversified Trust Co lifted its stake in The PNC Financial Services Group by 46.6% in the 1st quarter. Diversified Trust Co now owns 5,758 shares of the financial services provider's stock valued at $1,198,000 after acquiring an additional 1,829 shares in the last quarter. Baron Wealth Management LLC lifted its stake in The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock valued at $325,000 after acquiring an additional 46 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV boosted its position in The PNC Financial Services Group by 119.5% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 5,307 shares of the financial services provider's stock worth $1,104,000 after acquiring an additional 2,889 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the business's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the company's stock in a transaction on 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 in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 48,300 shares of company stock valued at $10,694,574. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the stock an "overweight" rating in a research report on Thursday, April 30th. Jefferies Financial Group initiated coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They set a "buy" rating and a $250.00 target price for the company. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, April 16th. Finally, Stephens assumed coverage on shares of The PNC Financial Services Group in a research note on Monday, June 15th. They issued an "overweight" rating and a $265.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $246.72.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $232.39 on Friday. The stock has a 50 day moving average price of $222.68 and a 200 day moving average price of $217.55. The PNC Financial Services Group, Inc has a 52 week low of $176.16 and a 52 week high of $243.94. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $93.32 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, topping the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion for the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business's quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.51 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a dividend yield of 2.9%. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 39.51%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.