Handelsbanken Fonder AB Raises Position in The PNC Financial Services Group, Inc $PNC

Handelsbanken Fonder AB lifted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 8.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 152,665 shares of the financial services provider’s stock after purchasing an additional 11,420 shares during the quarter. Handelsbanken Fonder AB’s holdings in The PNC Financial Services Group were worth $37,589,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group in the fourth quarter valued at $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group in the 3rd quarter worth about $25,000. Modus Advisors LLC acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $29,000. Financial Life Planners purchased a new stake in The PNC Financial Services Group in the 1st quarter valued at about $31,000. Finally, Wilkerson Advisory Group LLC grew its holdings in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after buying an additional 71 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of several recent analyst reports. Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research report on Wednesday, July 29th. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Finally, Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Stock Up 0.9%

PNC opened at $254.04 on Wednesday. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.13. The firm has a 50 day moving average price of $244.86 and a 200 day moving average price of $227.76. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The company has a market cap of $101.35 billion, a PE ratio of 13.98, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the firm earned $3.85 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 48,300 shares of company stock valued at $10,694,574. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Profile

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.