Townsquare Capital LLC Purchases 3,107 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Townsquare Capital LLC increased its stake in The PNC Financial Services Group by 13.2%, acquiring an additional 3,107 shares, bringing its total holdings to approximately $4.69 million.
• Several hedge funds, including Vanguard Group Inc. and Massachusetts Financial Services Co., also boosted their positions in PNC, indicating strong institutional interest, with 83.53% of shares owned by institutional investors.
• The PNC Financial Services Group recently announced a quarterly dividend increase to $1.70 per share, reflecting a positive change from its previous dividend and a current yield of 3.6%.

Townsquare Capital LLC boosted its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 13.2% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 26,674 shares of the financial services provider's stock after purchasing an additional 3,107 shares during the period. Townsquare Capital LLC's holdings in The PNC Financial Services Group were worth $4,688,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Massachusetts Financial Services Co. MA grew its position in The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after acquiring an additional 1,964,157 shares in the last quarter. Leigh Baldwin & CO. LLC bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $299,864,000. GAMMA Investing LLC raised its stake in shares of The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after buying an additional 1,143,079 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of The PNC Financial Services Group by 41.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock valued at $495,336,000 after buying an additional 830,440 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of The PNC Financial Services Group by 14.9% in the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after buying an additional 608,375 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PNC has been the subject of a number of recent analyst reports. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their target price for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price target on the stock in a research note on Wednesday, July 30th. Royal Bank Of Canada dropped their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 16th. Barclays reduced their target price on shares of 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. Finally, Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective for the company in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Trading Up 1.4%

Shares of PNC stock traded up $2.70 during trading hours on Tuesday, hitting $191.23. 1,679,222 shares of the company were exchanged, compared to its average volume of 1,984,285. The firm has a market cap of $75.31 billion, a P/E ratio of 13.08, a P/E/G ratio of 1.40 and a beta of 1.09. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50 day simple moving average of $187.96 and a two-hundred day simple moving average of $179.74.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The business had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. During the same period last year, the business earned $3.39 EPS. The business's revenue was up 4.6% on a year-over-year basis. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's payout ratio is presently 46.51%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. The trade was a 0.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by insiders.

The PNC Financial Services Group 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.