Jacobi Capital Management LLC increased its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 0.1% during the first quarter, Holdings Channel reports. The fund owned 2,069 shares of the financial services provider’s stock after buying an additional 2 shares during the period. Jacobi Capital Management LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $245,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its stake in shares of PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock worth $3,262,582,000 after buying an additional 26,208,815 shares during the last quarter. FMR LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock worth $1,654,586,000 after buying an additional 2,239,716 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock worth $1,114,478,000 after buying an additional 59,832 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock worth $715,638,000 after buying an additional 69,815 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 8.5% in the first quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock worth $548,698,000 after buying an additional 357,192 shares during the last quarter. Hedge funds and other institutional investors own 81.49% of the company’s stock.

PNC Financial Services Group, Inc. (NYSE PNC) traded down 1.595% during trading on Thursday, hitting $129.629. The stock had a trading volume of 891,230 shares. PNC Financial Services Group, Inc. has a 12-month low of $82.17 and a 12-month high of $133.26. The firm has a market cap of $62.12 billion, a P/E ratio of 16.496 and a beta of 0.93. The stock’s 50 day moving average price is $126.80 and its 200 day moving average price is $123.18.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company’s quarterly revenue was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.82 EPS. On average, analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were paid a dividend of $0.75 per share. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.28%. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has approved a stock buyback program on Wednesday, June 28th that permits the company to buyback $2.70 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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A number of analysts have recently commented on PNC shares. Instinet lowered their target price on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a research note on Friday, June 30th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $136.00 target price on the stock in a research note on Tuesday, May 30th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a research note on Monday, April 17th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Finally, BMO Capital Markets restated a “buy” rating and issued a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $122.57.

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

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)

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