Harvest Investment Advisors LLC Invests $2.13 Million in The PNC Financial Services Group, Inc $PNC

Harvest Investment Advisors LLC purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 10,224 shares of the financial services provider’s stock, valued at approximately $2,134,000. The PNC Financial Services Group accounts for approximately 1.2% of Harvest Investment Advisors LLC’s holdings, making the stock its 26th biggest position.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $25,000. Modus Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $32,000. Beacon Financial Strategies CORP bought a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $35,000. Finally, JPL Wealth Management LLC bought a new stake in shares of The PNC Financial Services Group during the third quarter worth $37,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $234.71 on Wednesday. The PNC Financial Services Group, Inc has a one year low of $172.88 and a one year high of $243.94. The company has a market cap of $94.25 billion, a P/E ratio of 13.64, a P/E/G ratio of 0.96 and a beta of 0.92. The firm’s fifty day moving average price is $221.67 and its two-hundred day moving average price is $216.86. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the previous year, the company earned $3.51 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts expect that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Tuesday, April 14th were paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is presently 39.51%.

Insiders Place Their Bets

In other news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s 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 completion of the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was 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 ninety days. Corporate insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PNC shares. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. Bank of America boosted their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, May 8th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $250.00 price objective on the stock. Finally, Barclays boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $246.72.

About The PNC Financial Services Group

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.