Equity Investment Corp Takes $151.87 Million Position in The PNC Financial Services Group, Inc $PNC

Equity Investment Corp purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel reports. The institutional investor purchased 616,797 shares of the financial services provider’s stock, valued at approximately $151,868,000. The PNC Financial Services Group comprises 2.9% of Equity Investment Corp’s investment portfolio, making the stock its 8th largest position.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group in the third quarter worth $25,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth $29,000. Financial Life Planners bought a new position in shares of The PNC Financial Services Group during the first quarter worth $31,000. Finally, Wilkerson Advisory Group LLC grew its holdings in shares of 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. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction on 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 completion of the sale, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,654 shares of company stock valued at $11,552,661 over the last three months. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on PNC. Argus raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, July 16th. UBS Group boosted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. upped their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Oppenheimer boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Stock Performance

PNC opened at $254.43 on Wednesday. The business’s 50-day simple moving average is $247.74 and its 200 day simple moving average is $228.96. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. 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 firm has a market capitalization of $101.50 billion, a PE ratio of 14.00, a PEG ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted 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 firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the company earned $3.85 earnings per share. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. This is a boost 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%.

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.