Sanctuary Advisors LLC Makes New $30.04 Million Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Sanctuary Advisors LLC purchased 122,019 PNC shares in the second quarter, valued at approximately $30.04 million. Institutional investors collectively own 83.53% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $265.73. PNC also exceeded quarterly estimates, reporting $4.85 in earnings per share and $6.88 billion in revenue.
• PNC increased its quarterly dividend from $1.70 to $2.00 per share, equivalent to an annualized $8.00 dividend and a 3.3% yield. Meanwhile, insiders sold 51,654 shares worth approximately $11.55 million during the last quarter.

Sanctuary Advisors LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 122,019 shares of the financial services provider's stock, valued at approximately $30,044,000.

A number of other large investors have also made changes to their positions in the stock. Cvfg LLC increased its holdings in The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock valued at $366,000 after buying an additional 43 shares in the last quarter. Trust Asset Management LLC increased its stake in The PNC Financial Services Group by 1.0% in the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock valued at $1,097,000 after purchasing an additional 43 shares in the last quarter. Baron Wealth Management LLC raised its holdings in The PNC Financial Services Group by 3.0% during the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after purchasing an additional 46 shares during the last quarter. Atom Investors LP boosted its position in The PNC Financial Services Group by 1.8% during the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after purchasing an additional 46 shares in the last quarter. Finally, Flavin Financial Services Inc. boosted its position in The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider's stock worth $2,847,000 after purchasing an additional 48 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Argus raised their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a research note on Monday, July 20th. JPMorgan Chase & Co. lifted their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an "overweight" rating in a research report on Wednesday, July 29th. Barclays raised their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $265.73.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated 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 $2,370,906.93. This represents a 80.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president directly owned 5,059 shares of the company's stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Down 0.0%

Shares of NYSE PNC opened at $243.05 on Monday. The firm has a market cap of $96.96 billion, a P/E ratio of 13.38, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm's 50 day moving average price is $248.28 and its 200 day moving average price is $229.35.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the prior year, the company posted $3.85 EPS. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, sell-side analysts anticipate 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 44.03%.

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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