The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Bought by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNCFree Report) by 52.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,728 shares of the financial services provider’s stock after acquiring an additional 6,130 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in The PNC Financial Services Group were worth $2,865,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. Capital International Investors lifted its holdings in shares of The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after acquiring an additional 1,978,854 shares during the period. Norges Bank purchased a new position in The PNC Financial Services Group in the fourth quarter valued at approximately $1,039,481,000. Franklin Resources Inc. raised its holdings in The PNC Financial Services Group by 165.4% in the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after buying an additional 3,046,226 shares during the period. Capital Research Global Investors raised its holdings in 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 valued at $738,039,000 after buying an additional 778,264 shares during the period. Finally, Morgan Stanley raised its holdings in The PNC Financial Services Group by 1.0% in the third quarter. Morgan Stanley now owns 3,858,980 shares of the financial services provider’s stock valued at $473,767,000 after buying an additional 36,362 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 transaction, the chief executive officer now owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. Insiders sold a total of 2,773 shares of company stock valued at $430,151 over the last 90 days. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Stock Up 1.7 %

PNC stock opened at $164.24 on Thursday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $164.46. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The company has a market capitalization of $65.35 billion, a P/E ratio of 13.79, a PEG ratio of 2.26 and a beta of 1.15. The firm has a 50 day simple moving average of $155.67 and a 200-day simple moving average of $153.32.

The PNC Financial Services Group (NYSE:PNCGet Free Report) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.98 earnings per share. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on PNC shares. StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Jefferies Financial Group raised their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. cut their price target on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $159.63.

Read Our Latest Stock Analysis on PNC

The PNC Financial Services Group Profile

(Free Report)

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.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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