PNC Financial Services Group, Inc. (The) (PNC) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia trimmed its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 1.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 109,164 shares of the financial services provider’s stock after selling 2,145 shares during the period. Bank of Nova Scotia’s holdings in PNC Financial Services Group, Inc. (The) were worth $13,631,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Cypress Capital Management LLC raised its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.4% during the 2nd quarter. Cypress Capital Management LLC now owns 76,264 shares of the financial services provider’s stock worth $9,523,000 after acquiring an additional 275 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of PNC Financial Services Group, Inc. (The) by 20.8% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 72,210 shares of the financial services provider’s stock worth $9,017,000 after acquiring an additional 12,428 shares in the last quarter. 361 Capital LLC raised its holdings in shares of PNC Financial Services Group, Inc. (The) by 5.8% during the 2nd quarter. 361 Capital LLC now owns 56,446 shares of the financial services provider’s stock worth $7,048,000 after acquiring an additional 3,096 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.3% during the 2nd quarter. Quadrant Capital Group LLC now owns 1,417 shares of the financial services provider’s stock worth $137,000 after acquiring an additional 4 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of PNC Financial Services Group, Inc. (The) by 12.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 821 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 91 shares in the last quarter. 80.79% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently issued reports on PNC shares. Rafferty Capital Markets raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Monday, July 17th. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. Zacks Investment Research raised 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 report on Tuesday, July 4th. BMO Capital Markets reaffirmed a “buy” rating and set a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, June 23rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $130.00 price objective (up from $120.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) has a consensus rating of “Hold” and a consensus target price of $131.35.

In other news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The shares were 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 $10,613,074.95. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (PNC) opened at 135.03 on Tuesday. The company has a market cap of $64.71 billion, a P/E ratio of 17.18 and a beta of 0.95. The firm has a 50-day moving average price of $130.50 and a 200 day moving average price of $125.20. PNC Financial Services Group, Inc. has a 12 month low of $87.97 and a 12 month high of $137.41.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, October 13th. The financial services provider reported $2.16 EPS for the quarter, beating the Zacks’ consensus estimate of $2.13 by $0.03. PNC Financial Services Group, Inc. (The) had a return on equity of 9.29% and a net margin of 24.61%. The company had revenue of $4.13 billion for the quarter, compared to the consensus estimate of $4.09 billion. During the same quarter in the previous year, the business earned $1.84 earnings per share. The company’s revenue for the quarter was up 7.7% on a year-over-year basis. Equities research analysts predict that PNC Financial Services Group, Inc. will post $8.40 EPS for the current year.

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

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th will be paid a $0.75 dividend. The ex-dividend date is Monday, October 16th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.22%. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 36.63%.

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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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