Intech Investment Management LLC Raises Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Intech Investment Management LLC boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 65.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,003 shares of the financial services provider’s stock after purchasing an additional 1,193 shares during the quarter. Intech Investment Management LLC’s holdings in The PNC Financial Services Group were worth $467,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PNC. Capital International Investors increased its position in The PNC Financial Services Group by 0.5% during the 1st quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after buying an additional 78,407 shares in the last quarter. Capital Research Global Investors grew its stake in shares of The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after acquiring an additional 778,264 shares during the last quarter. Putnam Investments LLC raised its position in shares of The PNC Financial Services Group by 3.2% in the 4th quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after purchasing an additional 114,960 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in The PNC Financial Services Group by 4.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider’s stock worth $346,926,000 after purchasing an additional 100,993 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in The PNC Financial Services Group by 0.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,548,543 shares of the financial services provider’s stock valued at $239,792,000 after purchasing an additional 6,657 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the sale, the chief executive officer now owns 564,637 shares in the company, valued at approximately $90,341,920. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $167.50, for a total value of $208,035.00. Following the transaction, the chief executive officer now directly owns 563,395 shares in the company, valued at $94,368,662.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of the stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total value of $384,640.00. Following the sale, the chief executive officer now owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,223 shares of company stock worth $4,453,360. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $183.33 on Friday. 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 PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $187.78. The firm has a market capitalization of $72.95 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.03 and a beta of 1.14. The firm has a 50 day moving average of $177.62 and a 200 day moving average of $163.66.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 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 analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business posted $3.36 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were given a dividend of $1.60 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is presently 53.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on PNC shares. Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Evercore ISI boosted their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Royal Bank of Canada increased 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 report on Wednesday, July 17th. Finally, Barclays boosted their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target 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.