The PNC Financial Services Group, Inc $PNC Shares Purchased by Quantitative Investment Management LLC

Quantitative Investment Management LLC boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 607.6% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 9,545 shares of the financial services provider’s stock after buying an additional 8,196 shares during the period. Quantitative Investment Management LLC’s holdings in The PNC Financial Services Group were worth $2,350,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at $7,921,455,000. Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter worth $1,967,080,000. Bank of America Corp DE acquired a new position in shares of The PNC Financial Services Group in the second quarter worth about $2,102,631,000. Viking Global Investors LP boosted its stake in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after buying an additional 5,581,102 shares during the last quarter. Finally, Deutsche Bank AG bought a new position in The PNC Financial Services Group during the 2nd quarter valued at $1,054,189,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $242.24 on Monday. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The firm has a market capitalization of $96.64 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.96 and a beta of 0.91. The business has a 50 day simple moving average of $249.40 and a 200 day simple moving average of $229.53. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last posted 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 firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations 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 firm’s revenue was up 21.4% compared to the same quarter last year. During the same period last year, the firm earned $3.85 EPS. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 6,654 shares of company stock worth $1,627,011 over the last ninety days. Company insiders own 0.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a report on Thursday, July 23rd. JPMorgan Chase & Co. lifted their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Barclays boosted their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Citigroup raised their target price 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. Finally, Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $265.73.

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.