Cramer Rosenthal Mcglynn LLC raised its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 10.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 413,310 shares of the financial services provider’s stock after purchasing an additional 38,790 shares during the period. Cramer Rosenthal Mcglynn LLC owned approximately 0.09% of PNC Financial Services Group, Inc. (The) worth $51,610,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PNC. Capital Research Global Investors lifted its position in shares of PNC Financial Services Group, Inc. (The) by 5.2% during the 2nd quarter. Capital Research Global Investors now owns 9,765,274 shares of the financial services provider’s stock worth $1,219,390,000 after buying an additional 479,861 shares in the last quarter. Capital World Investors lifted its position in shares of PNC Financial Services Group, Inc. (The) by 6.9% during the 2nd quarter. Capital World Investors now owns 10,112,603 shares of the financial services provider’s stock worth $1,262,761,000 after buying an additional 654,997 shares in the last quarter. Zurich Insurance Group Ltd FI lifted its position in shares of PNC Financial Services Group, Inc. (The) by 1.2% during the 2nd quarter. Zurich Insurance Group Ltd FI now owns 66,679 shares of the financial services provider’s stock worth $8,326,000 after buying an additional 782 shares in the last quarter. Salem Investment Counselors Inc. lifted its position in shares of PNC Financial Services Group, Inc. (The) by 8.2% during the 2nd quarter. Salem Investment Counselors Inc. now owns 2,997 shares of the financial services provider’s stock worth $374,000 after buying an additional 227 shares in the last quarter. Finally, Picton Mahoney Asset Management bought a new position in shares of PNC Financial Services Group, Inc. (The) during the 2nd quarter worth approximately $8,805,000. Institutional investors and hedge funds own 80.80% of the company’s stock.

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PNC has been the topic of several recent analyst reports. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Instinet dropped their target price on shares of PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. BMO Capital Markets reissued a “buy” rating and set a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. BidaskClub cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Finally, Wells Fargo & Company initiated coverage on shares of PNC Financial Services Group, Inc. (The) in a research report on Wednesday, August 9th. They set a “market perform” rating and a $119.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of “Hold” and a consensus price target of $129.26.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 135.27 on Friday. The company has a market cap of $64.82 billion, a PE ratio of 17.21 and a beta of 0.95. PNC Financial Services Group, Inc. has a 12-month low of $87.59 and a 12-month high of $137.41. The company has a 50 day moving average of $130.25 and a 200-day moving average of $125.02.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings results on Thursday, October 12th. The financial services provider reported $2.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.13 by $0.03. 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 $4.13 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same period last year, the firm earned $1.84 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.40 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Sunday, November 5th. Shareholders of record on Tuesday, October 17th will be given a $0.75 dividend. The ex-dividend date is Monday, October 16th. This represents a $3.00 annualized dividend and a yield of 2.22%. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 38.12%.

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

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction that occurred 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 completion of the transaction, 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 company insiders.

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.

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

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