The PNC Financial Services Group, Inc (NYSE:PNC) Shares Acquired by Mechanics Financial Corp

Mechanics Financial Corp lifted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 82.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,120 shares of the financial services provider's stock after acquiring an additional 2,315 shares during the period. Mechanics Financial Corp's holdings in The PNC Financial Services Group were worth $900,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNC. Cornerstone Planning Group LLC raised its position in shares of The PNC Financial Services Group by 50.8% during the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group in the 1st quarter worth $35,000. REAP Financial Group LLC boosted its holdings in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 80 shares during the last quarter. Hoey Investments Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $39,000. Finally, True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after purchasing an additional 59 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Martin Pfinsgraff purchased 1,000 shares of the firm's stock in a transaction on Friday, April 25th. The stock was acquired at an average price of $158.22 per share, with a total value of $158,220.00. Following the completion of the purchase, the director owned 2,009 shares of the company's stock, valued at $317,863.98. The trade was a 99.11% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 9,545 shares of company stock worth $1,590,080 over the last quarter. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Stock Up 0.9%

NYSE:PNC traded up $1.79 during mid-day trading on Wednesday, reaching $193.93. The company's stock had a trading volume of 3,764,011 shares, compared to its average volume of 2,139,716. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08. The firm has a market capitalization of $76.71 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 1.52 and a beta of 1.07. The stock has a fifty day moving average of $180.60 and a 200-day moving average of $180.15. The PNC Financial Services Group, Inc has a 1 year low of $145.12 and a 1 year high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, topping the consensus estimate of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The company's revenue was up 4.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $3.39 EPS. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a dividend of $1.70 per share. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.51%. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 48.02%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Hsbc Global Res upgraded The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Barclays dropped their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. The Goldman Sachs Group increased their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. 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 note on Tuesday, July 8th. Finally, Royal Bank Of Canada lowered their price objective on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $209.11.

The PNC Financial Services Group Company Profile

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.