Shelton Capital Management maintained its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,721 shares of the financial services provider’s stock at the end of the second quarter. Shelton Capital Management’s holdings in PNC Financial Services Group, Inc. (The) were worth $2,587,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Macquarie Group Ltd. grew its stake in PNC Financial Services Group, Inc. (The) by 4.4% during the 2nd quarter. Macquarie Group Ltd. now owns 91,868 shares of the financial services provider’s stock worth $11,471,000 after buying an additional 3,855 shares during the last quarter. Flinton Capital Management LLC grew its stake in PNC Financial Services Group, Inc. (The) by 29.4% during the 2nd quarter. Flinton Capital Management LLC now owns 16,992 shares of the financial services provider’s stock worth $2,122,000 after buying an additional 3,856 shares during the last quarter. Cramer Rosenthal Mcglynn LLC grew its stake in PNC Financial Services Group, Inc. (The) by 10.4% during the 2nd quarter. Cramer Rosenthal Mcglynn LLC now owns 413,310 shares of the financial services provider’s stock worth $51,610,000 after buying an additional 38,790 shares during the last quarter. Capital Research Global Investors grew its stake in 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 during the last quarter. Finally, Capital World Investors grew its stake in 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 during the last quarter. Hedge funds and other institutional investors own 80.80% of the company’s stock.

A number of brokerages have issued reports on PNC. Zacks Investment Research lowered PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Tuesday, September 12th. Instinet reduced their price target on 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. BMO Capital Markets reiterated a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. BidaskClub lowered 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 began coverage on PNC Financial Services Group, Inc. (The) in a research report on Wednesday, August 9th. They set a “market perform” rating and a $119.00 price target for the company. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $129.26.

In other news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction on 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 transaction, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction on 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. 0.43% of the stock is currently owned by company insiders.

COPYRIGHT VIOLATION NOTICE: This story was originally published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this story on another domain, it was illegally copied and reposted in violation of US & international copyright law. The legal version of this story can be read at https://www.thecerbatgem.com/2017/10/13/shelton-capital-management-has-2587000-holdings-in-pnc-financial-services-group-inc-the-pnc.html.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 135.27 on Friday. The stock has a 50 day moving average price of $130.25 and a 200 day moving average price of $125.02. The firm has a market cap of $64.82 billion, a price-to-earnings ratio of 17.21 and a beta of 0.95. PNC Financial Services Group, Inc. has a one year low of $87.59 and a one year high of $137.41.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Thursday, October 12th. The financial services provider reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.03. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.09 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same period last year, the firm earned $1.84 EPS. On average, equities research analysts forecast that PNC Financial Services Group, Inc. will post $8.40 EPS for the current year.

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

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

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

Receive News & Stock Ratings for PNC Financial Services Group Inc. (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group Inc. (The) and related stocks with our FREE daily email newsletter.