Nisa Investment Advisors LLC Has $28.51 Million Position in PNC Financial Services Group, Inc. (The) (PNC)

Nisa Investment Advisors LLC boosted its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 7.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 230,006 shares of the financial services provider’s stock after buying an additional 16,800 shares during the period. Nisa Investment Advisors LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $28,508,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. First Interstate Bank boosted its position in shares of 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 worth $115,000 after buying an additional 243 shares during the period. Ledyard National Bank boosted its position in shares of 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 worth $142,000 after buying an additional 995 shares during the period. Pinnacle Bank bought a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth approximately $157,000. Quadrant Capital Group LLC boosted its position in shares of 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 worth $162,000 after buying an additional 39 shares during the period. Finally, Jacobus Wealth Management Inc. boosted its position in shares of 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 worth $180,000 after buying an additional 53 shares during the period. 82.12% of the stock is currently owned by institutional investors and hedge funds.

PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.18% on Wednesday, hitting $130.10. The stock had a trading volume of 3,122,892 shares. The firm’s 50-day moving average is $128.07 and its 200-day moving average is $123.53. The company has a market cap of $62.34 billion, a P/E ratio of 16.56 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52-week low of $84.60 and a 52-week high of $133.26.

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, beating the Zacks’ consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business posted $1.82 earnings per share. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) announced that its board has authorized a share buyback 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 purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This is a boost 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 yield of 2.31%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is currently 38.12%.

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A number of brokerages have recently commented on PNC. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 target price for the company in a report on Friday, July 28th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 target price on PNC Financial Services Group, Inc. (The) and gave the stock a “hold” rating in a report on Friday, May 19th. Instinet reiterated a “neutral” rating and issued a $126.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Finally, Nomura lifted their target price on PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, July 17th. 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 given a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of “Hold” and a consensus target price of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the sale, the insider now directly owns 83,931 shares in the company, 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 firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by company insiders.

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.