Fox Run Management L.L.C. acquired a new position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,800 shares of the financial services provider’s stock, valued at approximately $974,000.

Other large investors also recently modified their holdings of the company. First Interstate Bank increased its stake in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after buying an additional 243 shares during the last quarter. Ledyard National Bank increased its stake in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock worth $142,000 after buying an additional 995 shares during the last quarter. Pinnacle Bank bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth $157,000. Jacobus Wealth Management Inc. increased its stake in shares of PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock worth $180,000 after buying an additional 53 shares during the last quarter. Finally, Snow Capital Management LP bought a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth $204,000. 81.49% of the stock is currently owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.73% on Friday, hitting $128.05. The stock had a trading volume of 2,931,654 shares. The firm has a market cap of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52-week low of $84.97 and a 52-week high of $133.26. The firm’s 50-day moving average price is $127.20 and its 200 day moving average price is $123.30.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the 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 business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter last year, the firm earned $1.82 earnings per share. The business’s revenue 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 EPS for the current year.

PNC Financial Services Group, Inc. (The) announced that its board has initiated a stock repurchase program 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 buy up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were issued 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. The ex-dividend date was Thursday, July 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.34%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is 38.12%.

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PNC has been the topic of a number of recent research reports. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 price objective on the stock in a research report on Tuesday, May 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $130.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Thursday, June 15th. BMO Capital Markets reaffirmed a “buy” rating and set a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Finally, Rafferty Capital Markets raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have given a buy rating and one has assigned 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 news, insider Michael J. Hannon sold 24,111 shares of the firm’s stock in a transaction 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 sale, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s 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. 0.43% of the stock is owned by company insiders.

About PNC Financial Services Group, Inc. (The)

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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