The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 60,653 shares of the financial services provider’s stock after acquiring an additional 573 shares during the period. New York Life Investment Management LLC’s holdings in The PNC Financial Services Group were worth $9,430,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Valley Brook Capital Group Inc. grew its stake in shares of The PNC Financial Services Group by 0.6% in the second quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock valued at $1,648,000 after buying an additional 62 shares in the last quarter. Triangle Securities Wealth Management grew its stake in shares of The PNC Financial Services Group by 1.8% in the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after buying an additional 70 shares in the last quarter. Cooper Financial Group grew its stake in shares of The PNC Financial Services Group by 1.7% in the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after buying an additional 70 shares in the last quarter. Berkshire Bank grew its stake in shares of The PNC Financial Services Group by 2.0% in the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock valued at $576,000 after buying an additional 71 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA grew its stake in shares of The PNC Financial Services Group by 22.3% in the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 390 shares of the financial services provider’s stock valued at $63,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 2.3 %

Shares of NYSE PNC opened at $176.70 on Friday. The company has a market cap of $70.24 billion, a price-to-earnings ratio of 14.84, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $185.84. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock’s 50 day simple moving average is $173.04 and its 200 day simple moving average is $160.62.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $3.36 EPS. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.62%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Analyst Ratings Changes

A number of research firms have recently issued reports on PNC. Morgan Stanley increased their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. Citigroup raised their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Royal Bank of Canada raised their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $177.02.

Insider Buying and Selling

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,263 shares of company stock valued at $4,418,109. Insiders own 0.42% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.