Bath Savings Trust Co Boosts Position in PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Bath Savings Trust Co boosted its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 2.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,931 shares of the financial services provider’s stock after buying an additional 150 shares during the period. Bath Savings Trust Co’s holdings in PNC Financial Services Group, Inc. (The) were worth $865,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. First Interstate Bank increased its position 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 last quarter. 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 last quarter. Pinnacle Bank acquired a new stake in PNC Financial Services Group, Inc. (The) during the first quarter valued at approximately $157,000. 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 last quarter. Finally, Snow Capital Management LP acquired a new stake in PNC Financial Services Group, Inc. (The) during the first quarter valued at approximately $204,000. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.73% on Friday, reaching $128.05. 2,931,654 shares of the company were exchanged. The company has a market capitalization of $61.36 billion, a P/E ratio of 16.30 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52-week low of $84.97 and a 52-week high of $133.26. The stock has a 50 day moving average of $127.20 and a 200-day moving average of $123.30.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate 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 revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.82 earnings per share. On average, analysts predict that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a stock repurchase plan 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were issued a dividend of $0.75 per share. The ex-dividend date was Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.34%. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s payout ratio is currently 38.12%.

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Several equities research analysts have commented on PNC shares. Hilliard Lyons raised shares of PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and lowered their price target for the company from $127.00 to $123.00 in a report on Monday, April 17th. Rafferty Capital Markets lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 price target on the stock. in a report on Monday, April 17th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Piper Jaffray Companies lowered their price target on shares of PNC Financial Services Group, Inc. (The) from $136.00 to $135.00 and set an “overweight” rating on the stock in a report on Tuesday, April 18th. Finally, Instinet upped their price target on shares of PNC Financial Services Group, Inc. (The) from $121.00 to $127.00 and gave the company a “neutral” rating in a report on Wednesday, April 19th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $122.57.

In related news, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction dated 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 sale, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was 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. 0.43% of the stock is currently owned by insiders.

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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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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