The PNC Financial Services Group, Inc $PNC Shares Bought by NEOS Investment Management LLC

NEOS Investment Management LLC grew its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 11.9% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 66,113 shares of the financial services provider’s stock after acquiring an additional 7,021 shares during the period. NEOS Investment Management LLC’s holdings in The PNC Financial Services Group were worth $16,278,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group during the second quarter worth $7,921,455,000. State Street Corp raised its holdings 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 valued at $3,615,085,000 after buying an additional 77,302 shares during the period. Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after buying an additional 1,101,055 shares during the period. Norges Bank acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $1,967,080,000. Finally, Geode Capital Management LLC boosted its holdings in The PNC Financial Services Group by 0.3% during the 4th 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 acquiring an additional 30,078 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Michael Thomas sold 1,500 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PNC shares. Robert W. Baird lifted 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 report on Thursday, July 16th. Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price target on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada upped their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, Stephens increased their price objective on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Stock Up 0.2%

PNC opened at $245.64 on Friday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market capitalization of $98.00 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.22 and a beta of 0.90. The business’s 50-day simple moving average is $249.54 and its 200-day simple moving average is $229.85.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly 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 net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the firm earned $3.85 EPS. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. 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 business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were 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. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.

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.