Creative Planning Acquires 6,055 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Creative Planning increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8.7% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 75,927 shares of the financial services provider’s stock after purchasing an additional 6,055 shares during the quarter. Creative Planning’s holdings in The PNC Financial Services Group were worth $14,035,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of The PNC Financial Services Group during the third quarter valued at approximately $12,548,000. Deerfield Management Company L.P. Series C bought a new position in The PNC Financial Services Group in the 2nd quarter valued at $822,000. Equity Investment Corp lifted its position in shares of The PNC Financial Services Group by 3.4% during the first quarter. Equity Investment Corp now owns 682,532 shares of the financial services provider’s stock worth $110,297,000 after purchasing an additional 22,188 shares during the last quarter. Duality Advisers LP boosted its stake in shares of The PNC Financial Services Group by 108.5% during the first quarter. Duality Advisers LP now owns 20,641 shares of the financial services provider’s stock valued at $3,336,000 after purchasing an additional 10,743 shares during the period. Finally, Manning & Napier Advisors LLC bought a new position in shares of The PNC Financial Services Group in the second quarter worth about $18,159,000. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI upped their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $185.71.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $185.64 on Tuesday. The firm has a market capitalization of $73.87 billion, a P/E ratio of 15.59, a PEG ratio of 2.06 and a beta of 1.14. The stock has a 50-day simple moving average of $181.20 and a two-hundred day simple moving average of $167.47. 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 fifty-two week low of $109.40 and a fifty-two week high of $196.64.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the business earned $3.60 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Insider Activity 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 dated Friday, July 26th. The shares were sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the transaction, the chief executive officer now owns 560,911 shares in the company, valued at approximately $101,233,217.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $180.48, for a total transaction of $224,156.16. Following the transaction, the chief executive officer now owns 560,911 shares of the company’s stock, valued at $101,233,217.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,662 shares of company stock worth $4,459,819. 0.42% of the stock is owned by company insiders.

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.