Cypress Asset Management Inc. TX reduced its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 4.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 44,412 shares of the financial services provider’s stock after selling 2,055 shares during the period. Cypress Asset Management Inc. TX’s holdings in PNC Financial Services Group, Inc. (The) were worth $5,546,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Investment Partners Ltd. OH ADV purchased a new stake in PNC Financial Services Group, Inc. (The) during the second quarter worth $210,000. Gilbert & Cook Inc. purchased a new stake in PNC Financial Services Group, Inc. (The) during the second quarter worth $221,000. Bridges Investment Management Inc. boosted its stake in PNC Financial Services Group, Inc. (The) by 1.2% in the second quarter. Bridges Investment Management Inc. now owns 1,717 shares of the financial services provider’s stock worth $215,000 after buying an additional 20 shares in the last quarter. Hermes Investment Management Ltd. purchased a new stake in PNC Financial Services Group, Inc. (The) during the second quarter worth $291,000. Finally, APG Asset Management N.V. boosted its stake in PNC Financial Services Group, Inc. (The) by 6.1% in the second quarter. APG Asset Management N.V. now owns 1,726,372 shares of the financial services provider’s stock worth $215,572,000 after buying an additional 99,644 shares in the last quarter. Institutional investors and hedge funds own 81.49% of the company’s stock.

PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.62% during trading on Friday, hitting $128.19. 1,932,401 shares of the stock traded hands. The firm’s 50-day moving average is $126.99 and its 200-day moving average is $123.22. The stock has a market cap of $61.43 billion, a P/E ratio of 16.31 and a beta of 0.93. PNC Financial Services Group, Inc. has a 12 month low of $84.60 and a 12 month high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations 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%. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.82 earnings per share. On average, analysts forecast that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were given a $0.75 dividend. This is a boost 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 yield of 2.33%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

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PNC has been the subject of several research analyst reports. Wells Fargo & Company initiated coverage on shares of PNC Financial Services Group, Inc. (The) in a research report on Wednesday. They issued a “market perform” rating and a $119.00 price objective for the company. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Thursday, August 3rd. Deutsche Bank AG reaffirmed a “buy” rating and issued a $130.00 price objective (up from $120.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Tuesday, July 25th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $127.00 price objective (up from $121.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, July 17th. Two 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 given a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction 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 completion of the transaction, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction on Wednesday, July 26th. The stock was 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. Corporate 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.

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

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