The PNC Financial Services Group, Inc $PNC Position Boosted by PensionDanmark Pensionsforsikringsaktieselskab

PensionDanmark Pensionsforsikringsaktieselskab increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.1% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 82,441 shares of the financial services provider’s stock after purchasing an additional 6,192 shares during the period. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in The PNC Financial Services Group were worth $20,299,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of equities analysts have commented on PNC shares. JPMorgan Chase & Co. lifted their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. Bank of America increased their price target on The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Citigroup raised their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Oppenheimer upped their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Finally, Argus increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. One equities research 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 company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $252.24 on Friday. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.13. The firm has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.88, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91. The business has a 50 day simple moving average of $243.50 and a 200 day simple moving average of $227.32. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the firm earned $3.85 EPS. The firm’s revenue was up 21.4% compared to the same quarter last year. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

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

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 over the last ninety days. 0.38% of the stock is currently owned by corporate insiders.

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.