APG Asset Management N.V. Boosts Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

APG Asset Management N.V. raised its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 203.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,452 shares of the financial services provider’s stock after acquiring an additional 31,800 shares during the quarter. APG Asset Management N.V.’s holdings in The PNC Financial Services Group were worth $6,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in The PNC Financial Services Group by 14.2% during the second 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 during the period. AXA S.A. increased its stake in shares of The PNC Financial Services Group by 46.8% during the second quarter. AXA S.A. now owns 12,125 shares of the financial services provider’s stock valued at $1,885,000 after purchasing an additional 3,865 shares in the last quarter. Abich Financial Wealth Management LLC increased its stake in shares of The PNC Financial Services Group by 18.5% during the second quarter. Abich Financial Wealth Management LLC now owns 1,198 shares of the financial services provider’s stock valued at $186,000 after purchasing an additional 187 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of The PNC Financial Services Group by 59.7% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 76,196 shares of the financial services provider’s stock valued at $11,847,000 after acquiring an additional 28,486 shares in the last quarter. Finally, Marshall Wace LLP increased its position in shares of The PNC Financial Services Group by 5,419.9% during the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 254,356 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 2,404 shares of The PNC Financial Services Group stock in a transaction dated 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 directly owns 564,637 shares in the company, valued at $90,341,920. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the business’s 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 transaction, the chief executive officer now owns 564,637 shares in the company, valued at $90,341,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was 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 directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,223 shares of company stock valued at $4,453,360. 0.42% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of several analyst reports. Barclays lifted their price target on shares of 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. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Evercore ISI lifted their price target on shares of 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. Jefferies Financial Group lifted their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $176.90.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $183.07 on Monday. The company’s 50 day simple moving average is $177.92 and its 200-day simple moving average is $164.18. The company has a market capitalization of $72.77 billion, a price-to-earnings ratio of 15.37, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year 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 issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (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 net margin of 15.53% and a return on equity of 11.33%. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.36 EPS. As a group, equities research analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This is a positive change 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 yield of 3.50%. The PNC Financial Services Group’s dividend payout ratio (DPR) 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.