Vontobel Asset Management Inc. reduced its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 21.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 744,303 shares of the financial services provider’s stock after selling 206,565 shares during the period. Vontobel Asset Management Inc. owned approximately 0.15% of PNC Financial Services Group, Inc. (The) worth $94,825,000 at the end of the most recent reporting period.
Several other institutional investors have also recently bought and sold shares of PNC. Ropes Wealth Advisors LLC raised its position in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Ropes Wealth Advisors LLC now owns 1,849 shares of the financial services provider’s stock worth $222,000 after buying an additional 8 shares during the last quarter. Guardian Life Insurance Co. of America raised its position in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Guardian Life Insurance Co. of America now owns 1,876 shares of the financial services provider’s stock worth $226,000 after buying an additional 8 shares during the last quarter. Pinnacle Advisory Group Inc. raised its position in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Pinnacle Advisory Group Inc. now owns 2,773 shares of the financial services provider’s stock worth $333,000 after buying an additional 12 shares during the last quarter. Green Square Capital LLC raised its position in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Green Square Capital LLC now owns 4,129 shares of the financial services provider’s stock worth $496,000 after buying an additional 18 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its position in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 6,018 shares of the financial services provider’s stock worth $724,000 after buying an additional 22 shares during the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
PNC Financial Services Group, Inc. (PNC) traded up 0.32% during trading on Friday, reaching $127.71. 664,506 shares of the company’s 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 50-day moving average price of $128.18 and a 200 day moving average price of $123.56. The firm has a market capitalization of $61.20 billion, a PE ratio of 16.25 and a beta of 0.93.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter in the previous year, the company posted $1.82 EPS. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. On average, 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 of Directors has initiated a stock repurchase program on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.36%. 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. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.
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A number of equities analysts have weighed in on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 8th. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 10th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $129.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, July 14th. Nomura upped their price target on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a research report on Monday, July 17th. Finally, Instinet dropped 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. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) has an average rating of “Hold” and an average target price of $122.57.
In other PNC Financial Services Group, Inc. (The) news, 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 shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the sale, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. 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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