one8zero8 LLC Makes New $709,000 Investment in The PNC Financial Services Group, Inc $PNC

one8zero8 LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, Holdings Channel reports. The fund bought 2,879 shares of the financial services provider’s stock, valued at approximately $709,000.

Several other hedge funds also recently added to or reduced their stakes in PNC. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $28,000. Monetary Solutions Ltd purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $29,000. Finally, Financial Life Planners purchased a new stake in The PNC Financial Services Group during the first quarter worth $31,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 3.0%

Shares of PNC opened at $246.56 on Thursday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-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 stock has a fifty day simple moving average of $248.01 and a two-hundred day simple moving average of $229.11. The company has a market capitalization 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 PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter last year, the firm earned $3.85 EPS. The business’s revenue was up 21.4% compared to the same quarter last year. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued 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 yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Analyst Ratings Changes

A number of research firms have recently commented on PNC. Citigroup raised their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Argus upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. UBS Group increased their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. JPMorgan Chase & Co. raised their price objective on 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. Finally, Morgan Stanley boosted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research 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 stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the 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 in the company, valued at $4,809,792. This represents a 15.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by insiders.

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.