Prospector Partners LLC increased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 20.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 110,843 shares of the financial services provider's stock after purchasing an additional 18,798 shares during the quarter. The PNC Financial Services Group accounts for 2.2% of Prospector Partners LLC's holdings, making the stock its 10th biggest holding. Prospector Partners LLC's holdings in The PNC Financial Services Group were worth $19,483,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC increased its position in shares of The PNC Financial Services Group by 50.8% during the 1st 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. Opal Wealth Advisors LLC bought a new position in The PNC Financial Services Group in the 1st quarter valued at $35,000. REAP Financial Group LLC grew its position in The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 80 shares during the last quarter. True Wealth Design LLC grew its position in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in The PNC Financial Services Group in the 1st quarter valued at $41,000. Institutional investors own 83.53% of the company's stock.
Insiders Place Their Bets
In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is currently owned by insiders.
Analyst Ratings Changes
PNC has been the topic of several research analyst reports. Wolfe Research reaffirmed a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a research report on Tuesday, July 8th. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price objective for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. Wall Street Zen raised The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Finally, Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price objective on the stock in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus price target of $214.17.
Check Out Our Latest Research Report on PNC
The PNC Financial Services Group Price Performance
PNC opened at $191.30 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The business's fifty day simple moving average is $188.97 and its 200-day simple moving average is $179.55. The company has a market capitalization of $75.34 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 1.42 and a beta of 1.09.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the company earned $3.39 earnings per share. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. On average, equities research 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were given a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The PNC Financial Services Group's dividend payout ratio is 46.51%.
The PNC Financial Services Group Company Profile
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Free Report)
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.
See Also
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