Veritable L.P. boosted its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 1.6% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 17,644 shares of the financial services provider’s stock after acquiring an additional 274 shares during the period. Veritable L.P.’s holdings in PNC Financial Services Group, Inc. (The) were worth $2,203,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of PNC. Proficio Capital Partners LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 1,365.4% in the second quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock valued at $100,000 after buying an additional 710 shares during the last quarter. First Interstate Bank raised 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 valued at $115,000 after buying an additional 243 shares during the last quarter. Ledyard National Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 6.3% in the second quarter. Ledyard National Bank now owns 1,257 shares of the financial services provider’s stock valued at $157,000 after buying an additional 75 shares during the last quarter. Jacobus Wealth Management Inc. raised 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 valued at $180,000 after buying an additional 53 shares during the last quarter. Finally, Doyle Wealth Management acquired a new stake in shares of PNC Financial Services Group, Inc. (The) in the second quarter valued at about $203,000. Institutional investors own 80.80% of the company’s stock.

In other news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction dated 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 owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

PNC has been the subject of a number of recent research reports. Rafferty Capital Markets upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. BMO Capital Markets reiterated a “buy” rating and issued a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Royal Bank Of Canada reiterated a “buy” rating and issued a $130.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. BidaskClub upgraded 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, Zacks Investment Research upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 target price for the company in a research report on Tuesday, July 4th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $127.75.

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PNC Financial Services Group, Inc. (PNC) opened at 135.69 on Friday. The firm’s 50-day moving average is $129.24 and its 200 day moving average is $124.53. PNC Financial Services Group, Inc. has a 52 week low of $87.34 and a 52 week high of $136.92. The stock has a market cap of $65.02 billion, a price-to-earnings ratio of 17.27 and a beta of 0.95.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the Zacks’ 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 during the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the company posted $1.82 EPS. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. On average, equities research analysts expect that PNC Financial Services Group, Inc. will post $8.41 EPS for the current year.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a share buyback program on Wednesday, June 28th that permits the company to buyback $2.70 billion in shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Monday, October 16th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is currently 38.12%.

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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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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