Quarry LP Acquires 127 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Quarry LP increased its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 43.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 417 shares of the financial services provider’s stock after purchasing an additional 127 shares during the period. Quarry LP’s holdings in The PNC Financial Services Group were worth $77,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Royal London Asset Management Ltd. grew its position in The PNC Financial Services Group by 2.1% in the 3rd quarter. Royal London Asset Management Ltd. now owns 354,252 shares of the financial services provider’s stock valued at $65,483,000 after purchasing an additional 7,349 shares during the period. Red Wave Investments LLC grew its position in The PNC Financial Services Group by 3.1% in the 3rd quarter. Red Wave Investments LLC now owns 1,907 shares of the financial services provider’s stock valued at $353,000 after purchasing an additional 58 shares during the period. Morse Asset Management Inc acquired a new stake in The PNC Financial Services Group in the 3rd quarter valued at $481,000. IHT Wealth Management LLC grew its position in The PNC Financial Services Group by 39.8% in the 3rd quarter. IHT Wealth Management LLC now owns 4,511 shares of the financial services provider’s stock valued at $826,000 after purchasing an additional 1,284 shares during the period. Finally, Investment Management Corp of Ontario grew its position in The PNC Financial Services Group by 48.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 13,168 shares of the financial services provider’s stock valued at $2,434,000 after purchasing an additional 4,300 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

PNC has been the topic of a number of analyst reports. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday. Barclays lifted their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Stephens lifted their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Evercore ISI lifted their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $195.84.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $208.63 on Monday. The PNC Financial Services Group, Inc. has a 52-week low of $139.19 and a 52-week high of $216.26. The stock’s 50-day simple moving average is $196.62 and its 200 day simple moving average is $178.56. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The stock has a market capitalization of $82.78 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 2.18 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same period in the prior year, the firm posted $3.60 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.07%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 54.10%.

Insider Transactions at The PNC Financial Services Group

In other news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This represents a 48.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $216.01, for a total value of $268,284.42. Following the completion of the transaction, the chief executive officer now directly owns 533,765 shares in the company, valued at approximately $115,298,577.65. This represents a 0.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,788 shares of company stock valued at $5,613,814. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.