Providence Capital Advisors LLC Purchases Shares of 34,600 The PNC Financial Services Group, Inc. (NYSE:PNC)

Providence Capital Advisors LLC purchased a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the second quarter, Holdings Channel reports. The institutional investor purchased 34,600 shares of the financial services provider’s stock, valued at approximately $5,380,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PNC. Bank & Trust Co acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $26,000. ORG Partners LLC lifted its holdings in The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 110 shares during the last quarter. LRI Investments LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter valued at about $28,000. Palisade Asset Management LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter valued at about $29,000. Finally, Core Wealth Advisors Inc. acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at about $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a document filed 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 641 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the sale, the chief executive officer now directly owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The disclosure for this sale can be found here. Insiders sold 25,864 shares of company stock valued at $4,551,485 over the last 90 days. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.7 %

Shares of NYSE PNC opened at $185.09 on Tuesday. The stock has a market cap of $73.65 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 2.00 and a beta of 1.14. The business has a 50 day simple moving average of $177.43 and a 200 day simple moving average of $163.29. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $187.78. 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 (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The business 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 firm’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.36 EPS. On average, research analysts predict 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 declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were paid a $1.60 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.46%. The PNC Financial Services Group’s payout ratio is presently 53.74%.

Analysts Set New Price Targets

Several research firms have issued reports on PNC. Evercore ISI boosted their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group cut their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $176.90.

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.