Rayburn West Financial Services LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Rayburn West Financial Services purchased 17,848 PNC shares worth approximately $4.4 million, making PNC its 14th-largest holding and 2.4% of its portfolio. Institutional investors collectively own 83.53% of the company.
• 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. Shares opened at $254.43, near their 52-week high of $258.96.
• The bank increased its quarterly dividend to $2.00, or $8.00 annually, representing a 3.1% yield. Analysts maintain a broadly positive outlook, with a “Moderate Buy” consensus and an average price target of $265.73.

Rayburn West Financial Services LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 17,848 shares of the financial services provider's stock, valued at approximately $4,395,000. The PNC Financial Services Group accounts for 2.4% of Rayburn West Financial Services LLC's investment portfolio, making the stock its 14th largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $28,000. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP bought a new position in shares of The PNC Financial Services Group during the 3rd quarter worth $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group during the 4th quarter worth $29,000. Finally, Financial Life Planners purchased a new position in shares of The PNC Financial Services Group during the first quarter valued at $31,000. Institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $254.43 on Wednesday. The PNC Financial Services Group, Inc has a 1-year low of $176.88 and a 1-year high of $258.96. The stock's 50-day moving average is $247.74 and its 200 day moving average is $228.96. The company has a market cap of $101.50 billion, a P/E ratio of 14.00, a PEG ratio of 1.02 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 quarterly revenue was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.85 earnings per share. Research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. 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 presently 44.03%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PNC shares. 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. Robert W. Baird raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Oppenheimer boosted 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. Stephens increased their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Finally, Argus lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a report on Thursday, July 16th. 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $265.73.

Insider Activity

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the firm's stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group 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 completion of the transaction, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 51,654 shares of company stock worth $11,552,661 in the last quarter. 0.38% of the stock is currently owned by corporate 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.

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