Bristlecone Advisors LLC raised its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 6.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,005 shares of the financial services provider’s stock after buying an additional 470 shares during the period. Bristlecone Advisors LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $1,000,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. First Interstate Bank raised its stake 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 valued at $115,000 after buying an additional 243 shares during the period. Ledyard National Bank raised its stake 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 valued at $142,000 after buying an additional 995 shares during the period. Jacobus Wealth Management Inc. raised its stake 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 valued at $180,000 after buying an additional 53 shares during the period. Doyle Wealth Management purchased a new stake in shares of PNC Financial Services Group, Inc. (The) during the second quarter valued at approximately $203,000. Finally, Snow Capital Management LP purchased a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at approximately $204,000. 82.12% of the stock is currently owned by institutional investors.
Shares of PNC Financial Services Group, Inc. (NYSE:PNC) opened at 126.60 on Tuesday. The firm has a market cap of $60.67 billion, a price-to-earnings ratio of 16.11 and a beta of 0.93. The company’s 50-day moving average is $128.28 and its 200 day moving average is $123.69. PNC Financial Services Group, Inc. has a 1-year low of $85.50 and a 1-year high of $133.26.
PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating 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 business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same period in the previous year, the business earned $1.82 EPS. The firm’s revenue was up 7.0% on a year-over-year basis. On average, equities research analysts expect 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 authorized a stock repurchase plan 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 repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were given a dividend of $0.75 per share. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.
Several brokerages have recently commented on PNC. Zacks Investment Research raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 price target on the stock in a research note on Friday, July 28th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 price objective on PNC Financial Services Group, Inc. (The) and gave the stock a “hold” rating in a research report on Friday, May 19th. Instinet restated a “neutral” rating and set a $126.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Wednesday, July 12th. Finally, Nomura lifted their price objective on 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. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $122.57.
In other news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction dated 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 document filed with the SEC, which is available through the SEC website. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) 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 in the company, valued at $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by 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.
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