60,834 Shares in The PNC Financial Services Group, Inc $PNC Bought by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the first quarter, HoldingsChannel.com reports. The firm acquired 60,834 shares of the financial services provider’s stock, valued at approximately $12,659,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares during the last quarter. State Street Corp lifted its stake in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the period. Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 10.2% in the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares during the last quarter. Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its position in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after buying an additional 30,078 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PNC shares. Robert W. Baird boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Royal Bank Of Canada boosted their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Oppenheimer upped their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price objective on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Bank of America lifted their price objective on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $265.48.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $250.59 on Monday. The company has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.79, a PEG ratio of 1.00 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The stock’s 50-day simple moving average is $236.91 and its 200-day simple moving average is $224.94. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business posted $3.85 earnings per share. As a group, analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be issued a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s payout ratio is 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 in the last three months. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Company Profile

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.