Mirae Asset Global Investments Co. Ltd. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Mirae Asset Global Investments Co. Ltd. acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 118,177 shares of the financial services provider’s stock, valued at approximately $26,266,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. State Street Corp boosted its holdings in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock worth $4,538,929,000 after buying an additional 765,097 shares during the period. Bank of America Corp DE purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in The PNC Financial Services Group by 1.1% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock worth $888,309,000 after buying an additional 39,112 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Up 1.7%

Shares of PNC opened at $231.74 on Tuesday. The stock has a market capitalization of $92.45 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 1.18 and a beta of 0.94. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96. The business’s 50 day simple moving average is $229.81 and its 200-day simple moving average is $228.98. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.84 and a quick ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. During the same period last year, the firm posted $4.35 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 10.9% compared to the same quarter last year. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio is presently 42.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PNC shares. Bank of America decreased their price target on The PNC Financial Services Group from $291.00 to $276.00 in a report on Thursday, October 8th. UBS Group dropped their price objective on The PNC Financial Services Group from $286.00 to $278.00 and set a “buy” rating for the company in a research note on Monday. Keefe, Bruyette & Woods cut their target price on The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a research report on Friday, October 16th. The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Finally, Stephens decreased their target price on The PNC Financial Services Group from $265.00 to $250.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Seventeen research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $266.04.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.