Pax World Management LLC Grows Holdings in PNC Financial Services Group, Inc. (The) (PNC)

Pax World Management LLC lifted its holdings in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 8.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,800 shares of the financial services provider’s stock after acquiring an additional 300 shares during the quarter. Pax World Management LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $475,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC grew its stake in PNC Financial Services Group, Inc. (The) by 1,365.4% in the second quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock worth $100,000 after purchasing an additional 710 shares in the last quarter. First Interstate Bank grew its stake in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 243 shares in the last quarter. Ledyard National Bank grew its stake in PNC Financial Services Group, Inc. (The) by 6.3% in the second quarter. Ledyard National Bank now owns 1,257 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 75 shares in the last quarter. Jacobus Wealth Management Inc. grew its stake in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock worth $180,000 after purchasing an additional 53 shares in the last quarter. Finally, Doyle Wealth Management acquired a new position in PNC Financial Services Group, Inc. (The) in the second quarter worth about $203,000. 81.18% of the stock is currently owned by institutional investors and hedge funds.

PNC Financial Services Group, Inc. (NYSE:PNC) opened at 123.77 on Tuesday. The company has a market cap of $59.31 billion, a PE ratio of 15.75 and a beta of 0.93. PNC Financial Services Group, Inc. has a 12-month low of $87.04 and a 12-month high of $133.26. The firm has a 50 day moving average price of $127.89 and a 200 day moving average price of $123.74.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. 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 $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. During the same period in the prior year, the business posted $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. On average, analysts anticipate that PNC Financial Services Group, Inc. will post $8.41 earnings per share for the current fiscal year.

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

A number of equities analysts recently commented on PNC shares. Keefe, Bruyette & Woods set a $125.00 price target on PNC Financial Services Group, Inc. (The) and gave the stock a “hold” rating in a research note on Friday, May 19th. Zacks Investment Research downgraded PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Monday, May 22nd. Jefferies Group LLC reiterated a “hold” rating and issued a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 8th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 15th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) currently has a consensus rating of “Hold” and an average target price of $124.12.

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In related 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction that occurred on Wednesday, July 19th. The shares were 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. Corporate insiders own 0.43% of the company’s stock.

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.

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

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