Canton Hathaway LLC Makes New $879,000 Investment in The PNC Financial Services Group, Inc (NYSE:PNC)

Canton Hathaway LLC acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 5,000 shares of the financial services provider’s stock, valued at approximately $879,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mechanics Financial Corp purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $541,000. AssuredPartners Investment Advisors LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $739,000. Premier Fund Managers Ltd grew its holdings in shares of The PNC Financial Services Group by 38.3% during the fourth quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider’s stock valued at $9,511,000 after buying an additional 13,700 shares during the last quarter. Mn Services Vermogensbeheer B.V. grew its holdings in shares of The PNC Financial Services Group by 2.0% during the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 156,609 shares of the financial services provider’s stock valued at $30,202,000 after buying an additional 3,100 shares during the last quarter. Finally, PKS Advisory Services LLC purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $357,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president now owns 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $155.27, for a total transaction of $99,528.07. Following the sale, the chief executive officer now owns 564,174 shares of the company’s stock, valued at $87,599,296.98. The trade was a 0.11% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,670 shares of company stock valued at $2,099,398 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PNC shares. TD Cowen started coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They set a “buy” rating and a $233.00 price target on the stock. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and lowered their price objective for the company from $206.00 to $202.00 in a research report on Monday, March 31st. JPMorgan Chase & Co. lowered their price objective on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an “overweight” rating on the stock in a research report on Thursday, April 3rd. Royal Bank Of Canada lowered their price objective on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating on the stock in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $202.67.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $177.61 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The stock has a market capitalization of $70.26 billion, a P/E ratio of 12.54, a PEG ratio of 1.47 and a beta of 1.06. The firm has a fifty day simple moving average of $169.10 and a two-hundred day simple moving average of $181.16. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. The business had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.50 billion. On average, analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were paid a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.60%. The PNC Financial Services Group’s payout ratio is currently 45.20%.

The PNC Financial Services Group Company 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.