AMG National Trust Bank Acquires 3,856 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

AMG National Trust Bank lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 56.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,636 shares of the financial services provider’s stock after purchasing an additional 3,856 shares during the quarter. AMG National Trust Bank’s holdings in The PNC Financial Services Group were worth $1,654,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. ORG Partners LLC raised 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 purchasing an additional 110 shares in the last quarter. Bank & Trust Co bought a new position in The PNC Financial Services Group in the 2nd quarter valued at about $26,000. LRI Investments LLC bought a new position in The PNC Financial Services Group in the 1st quarter valued at about $28,000. Palisade Asset Management LLC acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $29,000. Finally, Fortis Group Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 100 shares during the period. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Citigroup lifted their price objective on shares of 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. UBS Group lifted their price target on The PNC Financial Services Group from $179.00 to $198.00 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 objective for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. 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 note on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $177.02.

Insider Transactions at The PNC Financial Services Group

In related 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 value of $98,124.28. Following the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William S. Demchak sold 641 shares of the business’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 transaction, the chief executive officer now owns 567,682 shares in the company, valued at $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $167.50, for a total transaction of $208,035.00. Following the sale, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The disclosure for this sale can be found here. Insiders sold 22,779 shares of company stock worth $3,971,833 over the last ninety days. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group Stock Up 1.8 %

NYSE:PNC opened at $178.10 on Monday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $182.84. The firm’s 50 day simple moving average is $167.38 and its 200 day simple moving average is $158.34. The company has a market cap of $70.87 billion, a PE ratio of 14.95, a P/E/G ratio of 1.92 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share 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 PNC Financial Services Group’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.36 earnings per share. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders 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 of this dividend was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.59%. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

The PNC Financial Services Group Company 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.