Strategic Investment Advisors MI Makes New Investment in The PNC Financial Services Group, Inc $PNC

Key Points

• Strategic Investment Advisors MI initiated a PNC stake of 7,589 shares valued at approximately $1.58 million. Institutional investors collectively own 83.53% of the company.
• Analysts maintain a generally positive outlook, with PNC receiving a consensus “Moderate Buy” rating and an average price target of $265.73, above its reported $248.46 price.
• PNC exceeded quarterly expectations with $4.85 in EPS and $6.66 billion in revenue, while increasing its quarterly dividend from $1.70 to $2.00 per share, equivalent to a 3.2% annualized yield.

Strategic Investment Advisors MI bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 7,589 shares of the financial services provider's stock, valued at approximately $1,579,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Cvfg LLC grew its stake in shares of The PNC Financial Services Group by 2.5% in the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider's stock worth $366,000 after buying an additional 43 shares during the last quarter. YANKCOM Partnership raised its stake in The PNC Financial Services Group by 1.8% during the fourth quarter. YANKCOM Partnership now owns 2,583 shares of the financial services provider's stock valued at $539,000 after buying an additional 46 shares during the last quarter. Westfuller Advisors LLC boosted its holdings in The PNC Financial Services Group by 26.9% in the fourth quarter. Westfuller Advisors LLC now owns 217 shares of the financial services provider's stock worth $45,000 after acquiring an additional 46 shares in the last quarter. Baron Wealth Management LLC grew its stake in shares of The PNC Financial Services Group by 3.0% in the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider's stock worth $325,000 after acquiring an additional 46 shares during the last quarter. Finally, Atom Investors LP grew its stake in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider's stock worth $529,000 after acquiring an additional 46 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PNC shares. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a "market perform" rating in a report on Thursday, April 16th. Bank of America increased their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Argus raised 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 research note on Thursday, July 16th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Finally, Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $265.73.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $248.46 on Thursday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $256.49. The stock has a 50-day moving average of $239.02 and a 200 day moving average of $225.62. The company has a market capitalization of $99.77 billion, a price-to-earnings ratio of 13.67, a PEG ratio of 1.00 and a beta of 0.91. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85.

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 business had revenue of $6.66 billion for the quarter, compared to analysts' expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.85 EPS. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be given a $2.00 dividend. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group's payout ratio is presently 44.03%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company's stock.

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

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.