42,006 Shares in The PNC Financial Services Group, Inc (NYSE:PNC) Purchased by Zions Bancorporation National Association UT

Key Points

• Zions Bancorporation National Association UT has purchased 42,006 shares of The PNC Financial Services Group, valued at approximately $7,383,000, marking a new stake in the company during the first quarter.
• Analysts have adjusted price targets for PNC shares, with Barclays lowering theirs to $235, while Bank of America raised theirs to $226, reflecting mixed opinions on the stock's performance.
• The PNC Financial Services Group recently declared a quarterly dividend of $1.70, up from $1.60, representing a dividend yield of 3.6% and an annualized dividend of $6.80.

Zions Bancorporation National Association UT acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 42,006 shares of the financial services provider's stock, valued at approximately $7,383,000.

A number of other hedge funds also recently bought and sold shares of PNC. Cornerstone Planning Group LLC increased its holdings in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $35,000. REAP Financial Group LLC increased 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 worth $38,000 after buying an additional 80 shares during the last quarter. True Wealth Design LLC increased its holdings in shares of The PNC Financial Services Group by 41.5% during the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Activity

In other news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the 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 sale, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 3,976 shares of company stock valued at $693,765 in the last quarter. Insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Bank of America lifted their target price on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a report on Thursday, July 17th. TD Cowen assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price for the company. The Goldman Sachs Group lifted their target price 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. Finally, Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Stock Up 1.3%

Shares of PNC stock traded up $2.46 on Friday, reaching $189.58. 1,020,079 shares of the stock were exchanged, compared to its average volume of 2,093,945. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99. The business's 50 day moving average price is $187.37 and its 200 day moving average price is $179.86. The company has a market capitalization of $74.66 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 1.41 and a beta of 1.09. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter in the prior year, the firm posted $3.39 earnings per share. The PNC Financial Services Group's revenue for the quarter was up 4.6% on a year-over-year basis. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a dividend of $1.70 per share. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's payout ratio is currently 46.51%.

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.