Glenview Trust Co Invests $16.39 Million in The PNC Financial Services Group, Inc $PNC

Glenview Trust Co bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, HoldingsChannel.com reports. The firm bought 66,555 shares of the financial services provider’s stock, valued at approximately $16,387,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PNC. BlackRock Inc. acquired a new stake in The PNC Financial Services Group during the second quarter valued at approximately $7,921,455,000. State Street Corp grew 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 valued at $3,615,085,000 after purchasing 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 worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC lifted its position in shares of 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 worth $1,841,387,000 after buying an additional 30,078 shares during the period. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated 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 owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PNC. JPMorgan Chase & Co. boosted their price target 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. Oppenheimer increased 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. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a report on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research note on Thursday, July 23rd. Finally, UBS Group upped their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One 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 stock. Based on data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Stock Down 0.5%

Shares of PNC opened at $243.33 on Friday. The company has a market capitalization of $97.08 billion, a P/E ratio of 13.39, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year high of $258.96. The business’s 50 day simple moving average is $249.21 and its 200-day simple moving average is $229.52. 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 released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the firm posted $3.85 EPS. The business’s revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts predict 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 firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

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.