Hermes Investment Management Ltd. acquired a new stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, according to its most recent filing with the SEC. The firm acquired 2,327 shares of the financial services provider’s stock, valued at approximately $291,000.
Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake in PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock valued at $3,262,582,000 after buying an additional 26,208,815 shares during the period. FMR LLC boosted its position in PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock valued at $1,654,586,000 after buying an additional 2,239,716 shares during the period. APG Asset Management N.V. boosted its position in PNC Financial Services Group, Inc. (The) by 275.3% in the first quarter. APG Asset Management N.V. now owns 1,626,728 shares of the financial services provider’s stock valued at $195,598,000 after buying an additional 1,193,335 shares during the period. First Trust Advisors LP boosted its position in PNC Financial Services Group, Inc. (The) by 272.1% in the first quarter. First Trust Advisors LP now owns 855,203 shares of the financial services provider’s stock valued at $102,830,000 after buying an additional 625,372 shares during the period. Finally, Janus Capital Management LLC boosted its position in PNC Financial Services Group, Inc. (The) by 518.1% in the first quarter. Janus Capital Management LLC now owns 504,933 shares of the financial services provider’s stock valued at $60,713,000 after buying an additional 423,245 shares during the period. Hedge funds and other institutional investors own 81.64% of the company’s stock.
PNC Financial Services Group, Inc. (NYSE PNC) traded up 1.27% during midday trading on Friday, reaching $132.17. 2,399,614 shares of the company’s stock were exchanged. PNC Financial Services Group, Inc. has a 1-year low of $82.17 and a 1-year high of $132.67. The stock has a market cap of $63.44 billion, a P/E ratio of 16.82 and a beta of 0.93. The firm’s 50-day moving average is $125.42 and its 200 day moving average is $122.60.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same quarter in the previous year, the firm posted $1.82 earnings per share. The business’s revenue was up 7.0% on a year-over-year basis. Equities analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 17th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.27%. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 38.12%.
PNC Financial Services Group, Inc. (The) announced that its Board of Directors has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.
PNC has been the subject of several recent analyst reports. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, April 17th. Rafferty Capital Markets cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 target price for the company. in a research report on Monday, April 17th. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Monday, June 19th. Hilliard Lyons upgraded shares of PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and decreased their target price for the stock from $127.00 to $123.00 in a research report on Monday, April 17th. Finally, Instinet upped their target price on shares of PNC Financial Services Group, Inc. (The) from $121.00 to $127.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $122.75.
In other news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the sale, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.
PNC Financial Services Group, Inc. (The) Company Profile
The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.
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