Canal Capital Management LLC increased its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 0.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 9,267 shares of the financial services provider’s stock after buying an additional 39 shares during the period. Canal Capital Management LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $1,157,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of PNC. Advisory Services Network LLC bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at $539,000. Korea Investment CORP boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 48.6% in the first quarter. Korea Investment CORP now owns 439,385 shares of the financial services provider’s stock valued at $52,832,000 after buying an additional 143,605 shares during the last quarter. First National Bank & Trust Co. of Newtown boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 9,234 shares of the financial services provider’s stock valued at $1,110,000 after buying an additional 155 shares during the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the fourth quarter valued at $1,842,000. Finally, Gulf International Bank UK Ltd boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the first quarter. Gulf International Bank UK Ltd now owns 152,845 shares of the financial services provider’s stock valued at $18,378,000 after buying an additional 385 shares during the last quarter. 81.64% of the stock is currently owned by institutional investors.
Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 132.17 on Friday. The firm’s 50-day moving average price is $125.42 and its 200-day moving average price is $122.60. PNC Financial Services Group, Inc. has a 12-month low of $82.17 and a 12-month high of $132.67. The stock has a market cap of $63.44 billion, a price-to-earnings ratio of 16.82 and a beta of 0.93.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter last year, the firm earned $1.82 EPS. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, analysts forecast 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 approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
The firm also recently declared 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. This represents a $3.00 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend is Thursday, July 13th. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is currently 38.12%.
Several equities research analysts have weighed in on PNC shares. Barclays PLC boosted their price objective on PNC Financial Services Group, Inc. (The) from $125.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 19th. BidaskClub cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research note on Monday, April 17th. Zacks Investment Research cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Finally, Rafferty Capital Markets raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Monday, July 17th. 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 issued a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) has an average rating of “Hold” and a consensus target price of $122.75.
In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the transaction, the insider now directly owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Company 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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