Diversify Advisory Services LLC Acquires Shares of 3,913 The PNC Financial Services Group, Inc $PNC

Diversify Advisory Services LLC acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 3,913 shares of the financial services provider’s stock, valued at approximately $977,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $7,921,455,000. Norges Bank purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Viking Global Investors LP increased its position in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. Deutsche Bank AG acquired a new position in shares of The PNC Financial Services Group in the second quarter worth about $1,054,189,000. Finally, Bank of New York Mellon Corp purchased a new position in The PNC Financial Services Group in the second quarter valued at about $630,949,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 51,654 shares of company stock worth $11,552,661. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Down 3.0%

PNC stock opened at $246.56 on Thursday. The stock has a market cap of $98.36 billion, a PE ratio of 13.57, a price-to-earnings-growth ratio of 1.01 and a beta of 0.91. The firm’s 50-day simple moving average is $248.01 and its 200 day simple moving average is $229.11. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

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, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the prior year, the firm earned $3.85 EPS. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were 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 was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Analysts Set New Price Targets

Several equities analysts have recently commented on PNC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Barclays raised their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Citigroup upped their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Royal Bank Of Canada boosted their price objective on 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. Finally, Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Company 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.