AMF Pensionsforsakring AB continued to hold its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, Holdings Channel reports. The firm owned 739,335 shares of the financial services provider’s stock at the end of the second quarter. PNC Financial Services Group, Inc. (The) comprises about 1.0% of AMF Pensionsforsakring AB’s investment portfolio, making the stock its 23rd largest position. AMF Pensionsforsakring AB’s holdings in PNC Financial Services Group, Inc. (The) were worth $88,898,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Advisory Services Network LLC bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $539,000. Korea Investment CORP boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 48.6% in the first quarter. Korea Investment CORP now owns 439,385 shares of the financial services provider’s stock worth $52,832,000 after buying an additional 143,605 shares during the period. First National Bank & Trust Co. of Newtown boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 9,234 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 155 shares during the period. Gulf International Bank UK Ltd boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the first quarter. Gulf International Bank UK Ltd now owns 152,845 shares of the financial services provider’s stock worth $18,378,000 after buying an additional 385 shares during the period. Finally, Rockland Trust Co. boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 5.2% in the first quarter. Rockland Trust Co. now owns 3,790 shares of the financial services provider’s stock worth $456,000 after buying an additional 187 shares during the period. 81.49% of the stock is currently owned by institutional investors and hedge funds.

PNC Financial Services Group, Inc. (NYSE:PNC) traded up 1.34% during trading on Tuesday, reaching $132.87. The company had a trading volume of 547,056 shares. PNC Financial Services Group, Inc. has a one year low of $82.17 and a one year high of $133.26. The firm’s 50 day moving average is $125.42 and its 200 day moving average is $122.60. The company has a market capitalization of $63.78 billion, a PE ratio of 16.91 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same period in the previous year, the firm posted $1.82 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, equities research analysts predict that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a dividend of $0.75 per share. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 annualized dividend and a yield of 2.29%. The ex-dividend date was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has approved a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

TRADEMARK VIOLATION NOTICE: “PNC Financial Services Group, Inc. (The) (NYSE:PNC) Position Held by AMF Pensionsforsakring AB” was originally reported by Daily Political and is the property of of Daily Political. If you are reading this piece of content on another site, it was stolen and republished in violation of US & international trademark and copyright law. The original version of this piece of content can be viewed at https://www.dailypolitical.com/2017/08/08/pnc-financial-services-group-inc-the-nysepnc-position-held-by-amf-pensionsforsakring-ab.html.

Several analysts have weighed in on the company. Barclays PLC raised their price target on PNC Financial Services Group, Inc. (The) from $125.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. BidaskClub cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Zacks Investment Research cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $126.00 price target (up previously from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $122.75.

In other news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group, Inc. (The) (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Inc. (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group Inc. (The) and related companies with MarketBeat.com's FREE daily email newsletter.