Bahl & Gaynor Inc. lifted its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 3.7% during the third quarter, HoldingsChannel reports. The firm owned 495,624 shares of the financial services provider’s stock after purchasing an additional 17,495 shares during the period. Bahl & Gaynor Inc.’s holdings in PNC Financial Services Group were worth $67,499,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Point72 Asset Management L.P. bought a new stake in PNC Financial Services Group during the second quarter worth $74,962,000. Janus Henderson Group PLC raised its position in PNC Financial Services Group by 37.6% during the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock worth $216,609,000 after acquiring an additional 437,808 shares in the last quarter. Jennison Associates LLC raised its position in PNC Financial Services Group by 5.7% during the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock worth $880,971,000 after acquiring an additional 353,976 shares in the last quarter. Advisors Asset Management Inc. raised its position in PNC Financial Services Group by 932.7% during the second quarter. Advisors Asset Management Inc. now owns 382,419 shares of the financial services provider’s stock worth $4,098,000 after acquiring an additional 345,388 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in PNC Financial Services Group by 54.0% during the third quarter. Prudential Financial Inc. now owns 954,849 shares of the financial services provider’s stock worth $130,041,000 after acquiring an additional 335,010 shares in the last quarter. 79.09% of the stock is currently owned by institutional investors and hedge funds.

Shares of PNC opened at $133.08 on Wednesday. The stock has a market capitalization of $62.93 billion, a PE ratio of 15.66, a P/E/G ratio of 1.34 and a beta of 0.92. PNC Financial Services Group Inc has a fifty-two week low of $116.55 and a fifty-two week high of $163.59. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.89 and a current ratio of 0.90.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.73 by $0.09. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. During the same period in the prior year, the firm earned $2.16 earnings per share. Equities research analysts anticipate that PNC Financial Services Group Inc will post 10.76 EPS for the current fiscal year.

PNC Financial Services Group declared that its board has approved a stock buyback plan on Thursday, November 8th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 1.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th were given a $0.95 dividend. This represents a $3.80 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s payout ratio is presently 44.71%.

In other news, EVP Robert Q. Reilly sold 24,710 shares of the stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $140.49, for a total value of $3,471,507.90. Following the transaction, the executive vice president now directly owns 131,020 shares of the company’s stock, valued at $18,406,999.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.

Several analysts have issued reports on PNC shares. Deutsche Bank raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Sanford C. Bernstein raised shares of PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their price target for the stock from $158.00 to $145.00 in a research report on Monday, October 15th. ValuEngine lowered shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Nomura dropped their price target on shares of PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a research report on Monday, October 15th. Finally, BMO Capital Markets dropped their price target on shares of PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a research report on Monday, October 15th. They noted that the move was a valuation call. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $155.50.

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PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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