Bull Harbor Capital LLC Makes New $1.73 Million Investment in The PNC Financial Services Group, Inc $PNC

Bull Harbor Capital LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, HoldingsChannel reports. The fund purchased 8,331 shares of the financial services provider’s stock, valued at approximately $1,734,000.

Several other institutional investors and hedge funds have also modified their holdings of PNC. Monetary Solutions Ltd purchased a new stake in The PNC Financial Services Group in the 4th quarter worth approximately $25,000. Quarry LP acquired a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group in the first quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in The PNC Financial Services Group by 93.4% in the first quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC stock opened at $248.46 on Thursday. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.84 and a current ratio of 0.85. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The firm has a market cap of $99.77 billion, a P/E ratio of 13.67, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The stock has a 50-day simple moving average of $239.02 and a 200-day simple moving average of $225.62.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The business had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the business posted $3.85 EPS. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Monday, July 20th. The PNC Financial Services Group’s payout ratio is 44.03%.

Analyst Ratings Changes

Several analysts have commented on the company. Stephens lifted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Royal Bank Of Canada boosted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Barclays upped their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. increased their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $265.73.

Insider Activity

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock worth $10,694,574 over the last 90 days. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.