The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Acquired by Merit Financial Group LLC

Merit Financial Group LLC grew its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 59.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,760 shares of the financial services provider's stock after acquiring an additional 6,603 shares during the period. Merit Financial Group LLC's holdings in The PNC Financial Services Group were worth $3,122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in The PNC Financial Services Group by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 37,717,367 shares of the financial services provider's stock worth $7,273,794,000 after purchasing an additional 268,827 shares during the period. Franklin Resources Inc. boosted its stake in shares of The PNC Financial Services Group by 5.3% in the fourth quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock worth $2,089,622,000 after buying an additional 549,278 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in The PNC Financial Services Group by 10.7% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 7,538,310 shares of the financial services provider's stock worth $1,453,763,000 after acquiring an additional 726,115 shares during the period. Norges Bank purchased a new position in The PNC Financial Services Group during the fourth quarter valued at approximately $1,352,151,000. Finally, Northern Trust Corp lifted its holdings in The PNC Financial Services Group by 14.9% in the fourth quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after acquiring an additional 608,375 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Trading Up 2.3%

PNC traded up $4.02 on Friday, hitting $178.72. The company had a trading volume of 1,326,804 shares, compared to its average volume of 2,053,327. The company's fifty day moving average price is $165.07 and its 200 day moving average price is $183.74. The PNC Financial Services Group, Inc. has a 1 year low of $145.12 and a 1 year high of $216.26. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.13. The firm has a market cap of $70.70 billion, a P/E ratio of 13.00, a PEG ratio of 1.55 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.58%. The PNC Financial Services Group's dividend payout ratio is currently 45.20%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Hsbc Global Res raised shares of The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price objective for the company from $206.00 to $202.00 in a report on Monday, March 31st. TD Cowen began coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 target price on the stock. The Goldman Sachs Group dropped their price target on shares of The PNC Financial Services Group from $180.00 to $172.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 16th. Finally, Barclays reduced their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $202.67.

Insider Activity

In other The PNC Financial Services Group news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president now directly owns 20,490 shares in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William S. Demchak sold 601 shares of the business's stock in a transaction on Wednesday, April 9th. The stock was sold at an average price of $160.00, for a total value of $96,160.00. Following the transaction, the chief executive officer now directly owns 563,573 shares of the company's stock, valued at $90,171,680. The trade was a 0.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,154 shares of company stock valued at $2,525,591. 0.41% of the stock is currently owned by corporate insiders.

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.