State of Alaska Department of Revenue boosted its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 50.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,375 shares of the financial services provider’s stock after buying an additional 2,470 shares during the period. State of Alaska Department of Revenue’s holdings in PNC Financial Services Group, Inc. (The) were worth $920,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. First Interstate Bank raised 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 worth $115,000 after buying an additional 243 shares in the last quarter. Ledyard National Bank raised 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 worth $142,000 after buying an additional 995 shares in the last quarter. Jacobus Wealth Management Inc. raised 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 worth $180,000 after buying an additional 53 shares in the last quarter. Snow Capital Management LP purchased a new stake in PNC Financial Services Group, Inc. (The) during the first quarter worth about $204,000. Finally, Koch Industries Inc. purchased a new stake in PNC Financial Services Group, Inc. (The) during the first quarter worth about $206,000. Institutional investors own 82.12% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.15% during trading on Friday, hitting $127.11. 1,511,657 shares of the stock traded hands. PNC Financial Services Group, Inc. has a 52 week low of $85.09 and a 52 week high of $133.26. The company has a market cap of $60.91 billion, a price-to-earnings ratio of 16.18 and a beta of 0.93. The firm’s 50-day moving average price is $128.23 and its 200-day moving average price is $123.60.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for 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 quarter last year, the firm posted $1.82 earnings per share. On average, equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

The firm also recently declared 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. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.36%. This is a positive change 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 currently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its board has approved a share buyback 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 usually an indication that the company’s board of directors believes its stock is undervalued.

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PNC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods restated a “hold” rating and issued a $129.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, July 14th. Jefferies Group LLC restated a “hold” rating and issued a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, August 11th. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Finally, Nomura lifted 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 note on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $122.57.

In other news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction dated 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 owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s 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 disclosure for this sale can be found here. Company 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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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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