Polar Asset Management Partners Inc. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Polar Asset Management Partners established a new 34,102-share position in PNC during the second quarter, worth approximately $8.4 million. Institutional investors collectively own 83.53% of the bank’s outstanding shares.
• PNC reported quarterly EPS of $4.85, exceeding estimates of $4.46, while revenue reached $6.88 billion and rose 21.4% year over year.
• PNC increased its quarterly dividend to $2.00 per share, or $8.00 annualized, representing a 3.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $265.73.

Polar Asset Management Partners Inc. bought a new position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 34,102 shares of the financial services provider's stock, valued at approximately $8,397,000.

Other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares during the last quarter. Empowered Funds LLC raised its stake in shares of The PNC Financial Services Group by 2.1% in the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider's stock worth $1,452,000 after purchasing an additional 170 shares during the last quarter. Sivia Capital Partners LLC raised its stake in shares of The PNC Financial Services Group by 50.3% in the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider's stock worth $807,000 after purchasing an additional 1,449 shares during the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider's stock valued at $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new position in shares of The PNC Financial Services Group during the second quarter valued at $482,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Stock Up 0.2%

NYSE PNC opened at $244.15 on Wednesday. The stock's 50-day moving average price is $248.75 and its 200-day moving average price is $229.47. The company has a quick ratio of 0.84, a current ratio of 0.85 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 company has a market capitalization of $97.40 billion, a P/E ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data 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 company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm's revenue was up 21.4% on a year-over-year basis. During the same period in the previous year, the company posted $3.85 EPS. On average, equities research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group's payout ratio is presently 44.03%.

Analysts Set New Price Targets

PNC has been the subject of several research analyst reports. Stephens lifted their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an "outperform" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Finally, UBS Group boosted their price objective 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $265.73.

Insiders Place Their Bets

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 6,654 shares of company stock worth $1,627,011 over the last three months. 0.38% of the stock is currently owned by company insiders.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source