The PNC Financial Services Group, Inc $PNC Shares Sold by Anchor Capital Advisors LLC

Key Points

• Anchor Capital Advisors reduced its PNC stake by 5.8% in the second quarter, selling 19,134 shares and retaining 311,660 shares valued at approximately $76.7 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported quarterly EPS of $4.85, beating estimates of $4.46, while revenue rose 21.4% year over year to $6.88 billion. The company also increased its quarterly dividend to $2.00 per share, representing a 3.3% yield.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $265.73, compared with its reported trading price of $245.64.

Anchor Capital Advisors LLC lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 311,660 shares of the financial services provider's stock after selling 19,134 shares during the quarter. Anchor Capital Advisors LLC owned 0.08% of The PNC Financial Services Group worth $76,737,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in The PNC Financial Services Group by 24,820.0% during the second quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider's stock worth $37,967,719,000 after purchasing an additional 153,583,625 shares in the last quarter. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group in the second quarter valued at $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $2,102,631,000. Finally, Viking Global Investors LP raised its stake in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider's stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Up 0.0%

NYSE PNC opened at $245.64 on Tuesday. The company has a market cap of $98.00 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 0.90. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The company has a 50-day moving average of $249.51 and a 200-day moving average of $229.96.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion for the quarter, compared to analysts' expectations of $6.51 billion. During the same period last year, the company earned $3.85 earnings per share. The company's quarterly revenue was up 21.4% on a year-over-year basis. As a group, equities analysts predict 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.70. The PNC Financial Services Group's dividend payout ratio is presently 44.03%.

Insiders Place Their Bets

In other news, EVP Michael Thomas sold 1,500 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PNC. UBS Group increased their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target on the stock. in a research note on Thursday, July 23rd. Finally, Robert W. Baird boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $265.73.

About The PNC Financial Services Group

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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