The PNC Financial Services Group, Inc $PNC Shares Newly Acquired by Factory Mutual Insurance Co.

Key Points

• Factory Mutual Insurance Co. acquired 106,100 PNC shares in the third quarter, worth approximately $23.6 million; institutional investors and hedge funds own 83.53% of the stock.
• Analyst views were mixed, but PNC retained a “Moderate Buy” consensus from 17 Buy and 8 Hold ratings, with an average price target of $266.04.
• PNC reported quarterly EPS of $5.09, beating estimates, while revenue of $6.60 billion fell just short of forecasts. The company also announced a $2.00 quarterly dividend, equivalent to an annualized yield of 3.5%.

Factory Mutual Insurance Co. acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 106,100 shares of the financial services provider's stock, valued at approximately $23,582,000.

A number of other large investors have also recently bought and sold shares of the company. BlackRock Inc. acquired a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $7,921,455,000. Bank of America Corp DE acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Deutsche Bank AG acquired a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $1,054,189,000. Jupiter Topco LLC bought a new position in The PNC Financial Services Group in the second quarter valued at approximately $756,877,000. Finally, Legal & General Group Plc bought a new position in The PNC Financial Services Group in the second quarter valued at approximately $669,168,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have commented on PNC shares. Citigroup lowered their price objective on shares of The PNC Financial Services Group from $290.00 to $270.00 and set a "buy" rating for the company in a research report on Monday, October 19th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Tuesday, October 13th. DA Davidson lifted their price target on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a "buy" rating in a research note on Thursday, July 16th. The Goldman Sachs Group decreased their price target on The PNC Financial Services Group from $281.00 to $250.00 and set a "neutral" rating on the stock in a research note on Monday, October 5th. Finally, Evercore lowered their price target on The PNC Financial Services Group from $265.00 to $260.00 and set an "outperform" rating for the company in a report on Monday, October 19th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average price target of $266.04.

Insiders Place Their Bets

In related news, EVP Stacy Juchno sold 3,354 shares of the business's stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.9%

PNC opened at $229.50 on Wednesday. The company's 50 day moving average is $229.52 and its 200-day moving average is $229.06. The PNC Financial Services Group, Inc has a 1-year low of $177.08 and a 1-year high of $258.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market cap of $91.56 billion, a P/E ratio of 12.10, a PEG ratio of 1.20 and a beta of 0.92.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.91 by $0.18. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm's revenue was up 10.9% on a year-over-year basis. During the same period in the previous year, the firm posted $4.35 EPS. Equities research analysts predict that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group's payout ratio is presently 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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