First American Bank lowered its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 7.8% during the second quarter, Holdings Channel reports. The fund owned 86,312 shares of the financial services provider’s stock after selling 7,291 shares during the period. PNC Financial Services Group, Inc. (The) comprises approximately 0.9% of First American Bank’s portfolio, making the stock its 25th largest position. First American Bank’s holdings in PNC Financial Services Group, Inc. (The) were worth $10,778,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 worth $3,262,582,000 after buying an additional 26,208,815 shares during the last quarter. FMR LLC increased its stake 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 worth $1,654,586,000 after buying an additional 2,239,716 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock worth $1,114,478,000 after buying an additional 59,832 shares during the last quarter. Bank of New York Mellon Corp increased its stake in PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock worth $715,638,000 after buying an additional 69,815 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in PNC Financial Services Group, Inc. (The) by 8.5% in the first quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock worth $548,698,000 after buying an additional 357,192 shares during the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
Shares of PNC Financial Services Group, Inc. (PNC) traded down 0.10% during trading on Tuesday, hitting $130.77. 694,000 shares of the stock traded hands. PNC Financial Services Group, Inc. has a one year low of $84.60 and a one year high of $133.26. The company has a market cap of $62.67 billion, a PE ratio of 16.64 and a beta of 0.93. The firm has a 50 day moving average price of $127.52 and a 200-day moving average price of $123.42.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.82 EPS. Analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Thursday, July 13th. 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 (DPR) is 38.12%.
PNC Financial Services Group, Inc. (The) announced that its board has initiated a stock repurchase program on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
A number of brokerages recently weighed in on PNC. Instinet decreased their price target on shares of PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating for the company in a research report on Friday, June 30th. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $136.00 price target for the company in a research report on Tuesday, May 30th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, April 17th. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $122.57.
In related news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (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 owns 83,931 shares in the company, valued at approximately $10,613,074.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on 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. Company 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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