Occidental Asset Management LLC Invests $550,000 in PNC Financial Services Group Inc (NYSE:PNC)

Occidental Asset Management LLC purchased a new position in PNC Financial Services Group Inc (NYSE:PNC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,003 shares of the financial services provider’s stock, valued at approximately $550,000.

Several other hedge funds also recently made changes to their positions in the company. FMR LLC grew its stake in shares of PNC Financial Services Group by 3.8% in the first quarter. FMR LLC now owns 11,267,238 shares of the financial services provider’s stock worth $1,382,040,000 after acquiring an additional 407,250 shares during the period. Geode Capital Management LLC grew its position in PNC Financial Services Group by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock valued at $647,356,000 after buying an additional 323,714 shares during the period. American Century Companies Inc. grew its position in PNC Financial Services Group by 8.9% during the first quarter. American Century Companies Inc. now owns 4,353,354 shares of the financial services provider’s stock valued at $533,982,000 after buying an additional 357,041 shares during the period. Dimensional Fund Advisors LP grew its position in PNC Financial Services Group by 1.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,981,897 shares of the financial services provider’s stock valued at $348,594,000 after buying an additional 41,309 shares during the period. Finally, PNC Financial Services Group Inc. grew its position in PNC Financial Services Group by 8.4% during the first quarter. PNC Financial Services Group Inc. now owns 2,701,775 shares of the financial services provider’s stock valued at $331,399,000 after buying an additional 208,959 shares during the period. Hedge funds and other institutional investors own 81.65% of the company’s stock.

Shares of PNC stock traded down $0.31 during mid-day trading on Thursday, hitting $124.31. The company had a trading volume of 1,608,893 shares, compared to its average volume of 2,141,141. The stock has a market capitalization of $57.28 billion, a P/E ratio of 11.61, a P/E/G ratio of 1.67 and a beta of 1.07. The company has a 50 day simple moving average of $138.28. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90. PNC Financial Services Group Inc has a 52-week low of $108.45 and a 52-week high of $147.00.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.05. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.40 billion. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. PNC Financial Services Group’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.72 earnings per share. As a group, equities analysts expect that PNC Financial Services Group Inc will post 11.29 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 19th were paid a dividend of $1.15 per share. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend was Thursday, July 18th. This represents a $4.60 dividend on an annualized basis and a yield of 3.70%. PNC Financial Services Group’s dividend payout ratio is presently 42.95%.

In related news, insider Karen L. Larrimer sold 7,806 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $142.27, for a total transaction of $1,110,559.62. Following the sale, the insider now owns 30,978 shares of the company’s stock, valued at $4,407,240.06. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 75,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total transaction of $10,547,250.00. Following the sale, the chief executive officer now directly owns 657,179 shares in the company, valued at approximately $92,419,082.77. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 141,242 shares of company stock worth $19,853,468. 0.37% of the stock is owned by insiders.

PNC has been the subject of a number of recent analyst reports. Morgan Stanley set a $141.00 price target on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research report on Friday, August 9th. JPMorgan Chase & Co. upped their price target on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $143.41.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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