Baird Financial Group Inc. Raises Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Baird Financial Group Inc. grew its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 399,124 shares of the financial services provider’s stock after acquiring an additional 4,464 shares during the quarter. Baird Financial Group Inc.’s holdings in The PNC Financial Services Group were worth $76,136,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of PNC. Los Angeles Capital Management LLC increased its stake in The PNC Financial Services Group by 55.5% in the first quarter. Los Angeles Capital Management LLC now owns 6,217 shares of the financial services provider’s stock valued at $1,091,000 after purchasing an additional 2,220 shares during the last quarter. IndexIQ Advisors LLC increased its stake in The PNC Financial Services Group by 14.7% in the first quarter. IndexIQ Advisors LLC now owns 6,695 shares of the financial services provider’s stock valued at $1,174,000 after purchasing an additional 856 shares during the last quarter. Sowell Financial Services LLC increased its stake in The PNC Financial Services Group by 41.9% in the first quarter. Sowell Financial Services LLC now owns 7,590 shares of the financial services provider’s stock valued at $1,504,000 after purchasing an additional 2,241 shares during the last quarter. Meridian Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the first quarter worth about $207,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in The PNC Financial Services Group by 12.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 58,436 shares of the financial services provider’s stock worth $10,250,000 after acquiring an additional 6,548 shares during the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.

In related news, EVP Michael J. Hannon sold 4,200 shares of the firm’s stock in a transaction that occurred on Wednesday, July 21st. The stock was sold at an average price of $184.16, for a total value of $773,472.00. Following the sale, the executive vice president now owns 47,625 shares of the company’s stock, valued at approximately $8,770,620. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In the last three months, insiders sold 4,700 shares of company stock worth $869,092. Company insiders own 0.30% of the company’s stock.

NYSE:PNC opened at $187.67 on Thursday. The company has a market cap of $79.73 billion, a PE ratio of 14.24, a P/E/G ratio of 0.51 and a beta of 1.40. The PNC Financial Services Group, Inc. has a 52 week low of $101.58 and a 52 week high of $203.88. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.64. The business’s 50 day moving average is $188.00 and its two-hundred day moving average is $186.46.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 13th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.77 by ($0.34). The company had revenue of $4.67 billion during the quarter, compared to the consensus estimate of $4.40 billion. The PNC Financial Services Group had a return on equity of 12.53% and a net margin of 32.72%. The company’s revenue for the quarter was up 14.5% on a year-over-year basis. During the same period last year, the business posted $8.40 EPS. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 14.8 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, August 5th. Investors of record on Friday, July 16th were issued a $1.25 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend was Thursday, July 15th. This represents a $5.00 annualized dividend and a dividend yield of 2.66%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 78.62%.

Several equities research analysts have commented on the company. Royal Bank of Canada upped their price target on The PNC Financial Services Group from $190.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, July 15th. Morgan Stanley increased their target price on The PNC Financial Services Group from $192.00 to $193.00 and gave the company an “equal weight” rating in a research note on Thursday, July 29th. Wolfe Research upgraded The PNC Financial Services Group from an “underperform” rating to an “outperform” rating and increased their target price for the company from $194.00 to $252.00 in a research note on Friday, July 2nd. Credit Suisse Group increased their target price on The PNC Financial Services Group from $190.00 to $192.00 and gave the company a “neutral” rating in a research note on Monday, July 19th. Finally, Odeon Capital Group lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating in a research note on Monday, July 19th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $184.20.

The PNC Financial Services Group Profile

PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.

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

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