The PNC Financial Services Group, Inc $PNC Stock Holdings Lessened by KBC Group NV

KBC Group NV lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 19.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,323 shares of the financial services provider’s stock after selling 20,340 shares during the period. KBC Group NV’s holdings in The PNC Financial Services Group were worth $17,131,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in PNC. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the 4th quarter worth about $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the 4th quarter worth approximately $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group during the first quarter worth approximately $31,000. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $32,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on PNC. JPMorgan Chase & Co. boosted their target price on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Royal Bank Of Canada raised their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Argus boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Citigroup increased their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday. Finally, Jefferies Financial Group began coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $265.50.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,300 shares of company stock worth $10,694,574 in the last quarter. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.1%

Shares of PNC opened at $250.37 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.29. The stock has a market cap of $100.54 billion, a PE ratio of 13.78, a PEG ratio of 1.00 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The stock has a 50 day simple moving average of $234.58 and a 200-day simple moving average of $224.11.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.66 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period in the prior year, the business posted $3.85 earnings per share. The business’s revenue was up 21.4% compared to the same quarter last year. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.14 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is currently 44.03%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.