MBB Public Markets I LLC Buys 26,829 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

MBB Public Markets I LLC increased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1,332.8% in the second quarter, Holdings Channel.com reports. The institutional investor owned 28,842 shares of the financial services provider’s stock after acquiring an additional 26,829 shares during the period. MBB Public Markets I LLC’s holdings in The PNC Financial Services Group were worth $4,484,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Daymark Wealth Partners LLC raised its position in shares of The PNC Financial Services Group by 7.6% in the 2nd quarter. Daymark Wealth Partners LLC now owns 12,178 shares of the financial services provider’s stock worth $1,893,000 after acquiring an additional 861 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in The PNC Financial Services Group in the second quarter worth $822,000. Ameriprise Financial Inc. raised its holdings in The PNC Financial Services Group by 0.4% in the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock worth $746,772,000 after purchasing an additional 18,397 shares in the last quarter. APG Asset Management N.V. boosted its holdings in shares of The PNC Financial Services Group by 203.2% during the 2nd quarter. APG Asset Management N.V. now owns 47,452 shares of the financial services provider’s stock valued at $6,884,000 after buying an additional 31,800 shares in the last quarter. Finally, AQR Capital Management LLC boosted its holdings in shares of The PNC Financial Services Group by 14.2% during the 2nd quarter. AQR Capital Management LLC now owns 45,448 shares of the financial services provider’s stock valued at $6,983,000 after buying an additional 5,640 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PNC. Keefe, Bruyette & Woods boosted their price objective on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. UBS Group boosted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Evercore ISI raised 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 report on Wednesday, July 17th. Morgan Stanley boosted their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Finally, Royal Bank of Canada raised their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $176.90.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $158.10, for a total transaction of $101,342.10. Following the completion of the sale, the chief executive officer now owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $158.10, for a total transaction of $101,342.10. Following the completion of the sale, the chief executive officer now owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total value of $384,640.00. Following the completion of the transaction, the chief executive officer now directly owns 564,637 shares in the company, valued at $90,341,920. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,223 shares of company stock valued at $4,453,360. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $183.11 on Friday. The firm’s 50-day moving average price is $177.92 and its 200-day moving average price is $164.00. 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 market cap of $72.86 billion, a PE ratio of 15.37, a PEG ratio of 2.03 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last issued its 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 company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the company posted $3.36 earnings per share. As a group, analysts anticipate that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current 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 an increase 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 dividend on an annualized basis and a yield of 3.50%. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

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.