PNC Financial Services Group, Inc. (The) (PNC) Shares Bought by Cadence Capital Management LLC

Cadence Capital Management LLC lifted its holdings in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 2.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 18,500 shares of the financial services provider’s stock after acquiring an additional 522 shares during the period. Cadence Capital Management LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $2,310,000 at the end of the most recent quarter.

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

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

Shares of PNC Financial Services Group, Inc. (PNC) opened at 123.77 on Tuesday. PNC Financial Services Group, Inc. has a 52-week low of $87.04 and a 52-week high of $133.26. The stock has a market capitalization of $59.31 billion, a PE ratio of 15.75 and a beta of 0.93. The stock 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 posted its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm earned $1.82 EPS. On average, equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.41 EPS for the current fiscal year.

PNC Financial Services Group, Inc. (The) announced that its board has approved a stock repurchase plan on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

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A number of equities research analysts have recently weighed in 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 lowered 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 restated a “hold” rating and set 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 restated a “buy” rating and set a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $124.12.

PNC Financial Services Group, Inc. (The) Company Profile

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)

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