Cresset Asset Management LLC Boosts Holdings in The PNC Financial Services Group, Inc $PNC

Cresset Asset Management LLC boosted its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 7.5% in the third quarter, HoldingsChannel.com reports. The fund owned 41,899 shares of the financial services provider’s stock after buying an additional 2,914 shares during the quarter. Cresset Asset Management LLC’s holdings in The PNC Financial Services Group were worth $8,419,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Westfuller Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $34,000. True Wealth Design LLC grew its holdings in The PNC Financial Services Group by 1,133.3% during the 2nd quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after buying an additional 204 shares during the last quarter. Bayforest Capital Ltd raised its holdings in shares of The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after acquiring an additional 147 shares during the last quarter. Corundum Trust Company INC purchased a new stake in shares of The PNC Financial Services Group in the third quarter valued at $49,000. Finally, Country Trust Bank lifted its position in shares of The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares in the company, valued at approximately $448,563.16. The trade was a 79.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. This represents a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 64,186 shares of company stock valued at $14,840,973. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.7%

Shares of PNC opened at $212.32 on Friday. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94. The firm has a market capitalization of $85.64 billion, a P/E ratio of 12.80, a price-to-earnings-growth ratio of 0.89 and a beta of 0.98. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock’s fifty day simple moving average is $222.32 and its 200 day simple moving average is $204.93.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.77 earnings per share. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were issued a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of recent research reports. Oppenheimer upped their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. TD Cowen upped their price objective on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Barclays lifted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a report on Tuesday, January 20th. Finally, Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Fifteen analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus price target of $234.44.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.