Cidel Asset Management Inc. Buys 3,401 Shares of The PNC Financial Services Group, Inc $PNC

Cidel Asset Management Inc. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 3,401 shares of the financial services provider’s stock, valued at approximately $756,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE bought a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Nykredit A S acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $33,532,000. AMG National Trust Bank bought a new position in The PNC Financial Services Group during the second quarter worth about $30,557,000. Amundi grew its holdings in The PNC Financial Services Group by 5.2% during the second quarter. Amundi now owns 1,824,741 shares of the financial services provider’s stock worth $449,288,000 after purchasing an additional 90,734 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new position in The PNC Financial Services Group during the second quarter worth about $69,078,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $227.88 on Monday. The PNC Financial Services Group, Inc has a 52 week low of $177.08 and a 52 week high of $258.96. The company has a market capitalization of $90.91 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.18 and a beta of 0.94. The company has a 50-day simple moving average of $230.03 and a 200 day simple moving average of $228.88. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating the consensus estimate of $4.91 by $0.18. The firm had revenue of $6.60 billion for the quarter, compared to analysts’ expectations of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The business’s revenue was up 10.9% on a year-over-year basis. During the same period in the prior year, the firm earned $4.35 EPS. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be given a $2.00 dividend. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio is presently 42.58%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PNC. DA Davidson boosted their price target on The PNC Financial Services Group from $247.00 to $281.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Bank of America cut their price objective on The PNC Financial Services Group from $291.00 to $276.00 in a research report on Thursday, October 8th. Morgan Stanley reduced their target price on The PNC Financial Services Group from $278.00 to $273.00 and set an “equal weight” rating for the company in a research note on Friday, October 16th. HSBC boosted their target price on The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a “buy” rating in a report on Monday, September 28th. Finally, Robert W. Baird increased their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction 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 trade represents a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.