Livforsakringsbolaget Skandia Omsesidigt Purchases Shares of 2,455 The PNC Financial Services Group, Inc $PNC

Livforsakringsbolaget Skandia Omsesidigt purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,455 shares of the financial services provider’s stock, valued at approximately $604,000.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in The PNC Financial Services Group during the second quarter worth $7,921,455,000. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $1,967,080,000. Bank of America Corp DE purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $2,102,631,000. Viking Global Investors LP raised its holdings in shares of The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares during the last quarter. Finally, Deutsche Bank AG acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $1,054,189,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at approximately $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 SEC, which is accessible through this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 6,654 shares of company stock valued at $1,627,011 in the last 90 days. Company insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on PNC shares. Oppenheimer upped their price target on The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Barclays boosted their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Robert W. Baird lifted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Argus increased their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Finally, Citigroup lifted their price target 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. One investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Stock Down 0.5%

Shares of NYSE PNC opened at $242.24 on Friday. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The business’s 50 day moving average is $249.40 and its two-hundred day moving average is $229.61. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The firm has a market cap of $96.64 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.96 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (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 the consensus estimate of $6.51 billion. During the same quarter in the previous year, the business earned $3.85 EPS. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. Research analysts predict 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. 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. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 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.