Carl Domino Inc Has $297,000 Position in PNC Financial Services Group, Inc. (The) (PNC)

Carl Domino Inc held its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, Holdings Channel reports. The firm owned 2,375 shares of the financial services provider’s stock at the end of the second quarter. Carl Domino Inc’s holdings in PNC Financial Services Group, Inc. (The) were worth $297,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. First Interstate Bank increased 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 increased 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 acquired a new stake in PNC Financial Services Group, Inc. (The) during the first quarter valued at $157,000. Jacobus Wealth Management Inc. increased 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. Finally, Doyle Wealth Management acquired a new stake in PNC Financial Services Group, Inc. (The) during the second quarter valued at $203,000. Institutional investors and hedge funds own 81.49% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (PNC) traded down 0.73% during midday trading on Friday, hitting $128.05. The stock had a trading volume of 2,931,654 shares. The stock has a market cap of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93. PNC Financial Services Group, Inc. has a one year low of $84.97 and a one year high of $133.26. The firm has a 50 day moving average price of $127.20 and a 200 day moving average price 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, beating analysts’ consensus estimates of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the business posted $1.82 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities analysts forecast that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) declared that its board has approved a share 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 reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were issued a $0.75 dividend. The ex-dividend date was Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a dividend 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 dividend payout ratio is presently 38.12%.

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PNC has been the subject of several research analyst reports. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 price objective for the company in a report on Tuesday, May 23rd. Royal Bank Of Canada restated a “buy” rating and issued a $130.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Thursday, June 15th. BMO Capital Markets restated a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report 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 report on Monday, July 17th. Two investment 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’s stock. The company currently has an average rating of “Hold” and an average target price of $122.57.

In other news, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 83,931 shares in the company, valued at approximately $10,613,074.95. 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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group, Inc. (The) (NYSE:PNC).

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

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