Maple Capital Management Inc. increased its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 8.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 85,464 shares of the financial services provider’s stock after buying an additional 6,794 shares during the period. PNC Financial Services Group, Inc. (The) makes up 3.1% of Maple Capital Management Inc.’s investment portfolio, making the stock its 6th largest position. Maple Capital Management Inc.’s holdings in PNC Financial Services Group, Inc. (The) were worth $10,672,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of PNC. First Interstate Bank raised its stake in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the period. Ledyard National Bank raised its stake in PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares during the period. Pinnacle Bank bought a new stake in PNC Financial Services Group, Inc. (The) during the first quarter valued at approximately $157,000. Quadrant Capital Group LLC raised its stake in PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares during the period. Finally, Jacobus Wealth Management Inc. raised its stake in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the period. Hedge funds and other institutional investors own 81.64% of the company’s stock.
Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded up 1.27% during trading on Friday, reaching $132.17. 2,399,614 shares of the company traded hands. The firm’s 50 day moving average price is $125.42 and its 200-day moving average price is $122.60. The company has a market capitalization of $63.44 billion, a price-to-earnings ratio of 16.82 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52 week low of $82.17 and a 52 week high of $132.67.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the business earned $1.82 EPS. Equities analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.
PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 7th. Shareholders of record on Monday, July 17th will be given a $0.75 dividend. The ex-dividend date of this dividend is Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.27%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is currently 38.12%.
A number of equities research analysts have issued reports on PNC shares. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 price target for the company in a research note on Tuesday, April 11th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Royal Bank Of Canada reiterated a “buy” rating and issued a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 15th. BMO Capital Markets reiterated a “buy” rating and issued a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, June 23rd. Finally, Rafferty Capital Markets upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $122.75.
In related news, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now directly owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
About PNC Financial Services Group, Inc. (The)
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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