The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Purchased by Parallel Advisors LLC

Parallel Advisors LLC boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,594 shares of the financial services provider’s stock after purchasing an additional 277 shares during the quarter. Parallel Advisors LLC’s holdings in The PNC Financial Services Group were worth $559,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bank & Trust Co purchased a new stake in The PNC Financial Services Group in the second quarter valued at approximately $26,000. ORG Partners LLC lifted its stake in The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC purchased a new stake in The PNC Financial Services Group in the first quarter valued at approximately $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group in the first quarter valued at approximately $29,000. Finally, Core Wealth Advisors Inc. purchased a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Up 0.3 %

NYSE:PNC opened at $181.49 on Wednesday. The stock has a fifty day moving average price of $176.01 and a two-hundred day moving average price of $162.36. The stock has a market capitalization of $72.22 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.97 and a beta of 1.14. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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 PNC Financial Services Group’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.36 earnings per share. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a $1.60 dividend. This is a positive change 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 yield of 3.53%. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Evercore ISI boosted their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Citigroup boosted 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. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Jefferies Financial Group upped their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Wells Fargo & Company upped their price target on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average price target of $176.90.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the sale, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the sale, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 641 shares of the company’s 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 completion of 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. Over 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.

The PNC Financial Services Group Profile

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.