Cullen Capital Management LLC Takes Position in The PNC Financial Services Group, Inc $PNC

Cullen Capital Management LLC purchased a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, HoldingsChannel reports. The firm purchased 181,298 shares of the financial services provider’s stock, valued at approximately $44,639,000.

A number of other large investors also recently bought and sold shares of PNC. BlackRock Inc. purchased a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $7,921,455,000. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth approximately $1,967,080,000. Viking Global Investors LP raised its stake in shares of The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after buying an additional 5,581,102 shares during the period. Deutsche Bank AG purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $1,054,189,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $630,949,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred 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 sale, 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 position. The sale 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 PNC Financial Services Group 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 sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 6,654 shares of company stock valued at $1,627,011. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $243.70 on Tuesday. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The stock has a market cap of $97.22 billion, a PE ratio of 13.41, a P/E/G ratio of 0.96 and a beta of 0.91. 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 50 day moving average price of $248.56 and a 200 day moving average price of $229.42.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates 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 for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.85 earnings per share. Equities research analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. 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 dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PNC. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Argus increased their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, July 16th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Oppenheimer boosted their target price on shares of 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, JPMorgan Chase & Co. upped 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 report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group 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.