PNC Financial Services Group, Inc. (The) (PNC) Shares Bought by HighTower Advisors LLC

HighTower Advisors LLC increased its holdings in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 0.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 524,570 shares of the financial services provider’s stock after acquiring an additional 165 shares during the period. PNC Financial Services Group, Inc. (The) comprises approximately 0.6% of HighTower Advisors LLC’s holdings, making the stock its 25th largest holding. HighTower Advisors LLC owned approximately 0.11% of PNC Financial Services Group, Inc. (The) worth $65,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC boosted its position in PNC Financial Services Group, Inc. (The) by 1,365.4% in the 2nd quarter. Proficio Capital Partners LLC now owns 762 shares of the financial services provider’s stock valued at $100,000 after buying an additional 710 shares during the last quarter. First Interstate Bank boosted its position in PNC Financial Services Group, Inc. (The) by 34.0% in the 1st quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the last quarter. Ledyard National Bank boosted its position in PNC Financial Services Group, Inc. (The) by 6.3% in the 2nd quarter. Ledyard National Bank now owns 1,257 shares of the financial services provider’s stock valued at $157,000 after buying an additional 75 shares during the last quarter. Jacobus Wealth Management Inc. boosted its position in PNC Financial Services Group, Inc. (The) by 3.7% in the 1st quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the last quarter. Finally, Doyle Wealth Management bought a new position in PNC Financial Services Group, Inc. (The) in the 2nd quarter valued at $203,000. Institutional investors and hedge funds own 80.80% of the company’s stock.

PNC Financial Services Group, Inc. (PNC) opened at 136.72 on Wednesday. The firm’s 50-day moving average price is $129.77 and its 200-day moving average price is $124.86. The company has a market cap of $65.52 billion, a PE ratio of 17.40 and a beta of 0.95. PNC Financial Services Group, Inc. has a 12-month low of $87.34 and a 12-month high of $136.92.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the Zacks’ 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 analysts’ expectations of $3.97 billion. During the same quarter in the prior year, the firm posted $1.82 earnings per share. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. Equities research analysts forecast 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 repurchase plan on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, October 16th. This represents a $3.00 annualized dividend and a dividend yield of 2.19%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is currently 38.12%.

A number of research analysts have commented on PNC shares. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Royal Bank Of Canada reiterated a “buy” rating and issued a $130.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. BMO Capital Markets reiterated a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Instinet decreased their price objective on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a research report on Friday, June 30th. Finally, Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a research report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $129.26.

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In other news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.

PNC Financial Services Group, Inc. (The) 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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