Concurrent Investment Advisors LLC Acquires 539 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Concurrent Investment Advisors LLC lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 13.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,404 shares of the financial services provider’s stock after purchasing an additional 539 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in The PNC Financial Services Group were worth $685,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PNC. ORG Partners LLC increased its position in The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after buying an additional 110 shares during the last quarter. Bank & Trust Co acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $26,000. LRI Investments LLC bought a new position in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group during the first quarter worth approximately $29,000. Finally, Fortis Group Advisors LLC boosted its position in The PNC Financial Services Group by 100.0% during the fourth quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Barclays boosted their price objective 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. Royal Bank of Canada upped their price target on shares of 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. Evercore ISI lifted their price objective on 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. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, Wells Fargo & Company raised their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Two research 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. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $177.02.

The PNC Financial Services Group Price Performance

NYSE:PNC opened at $185.09 on Tuesday. 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 company has a 50-day moving average of $170.77 and a 200-day moving average of $159.78. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $185.57. The company has a market capitalization of $73.57 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 2.05 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter last year, the company earned $3.36 EPS. The PNC Financial Services Group’s revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.46%. The ex-dividend date was 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 53.74%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $176.15, for a total transaction of $218,778.30. Following the completion of the transaction, the chief executive officer now directly owns 555,943 shares of the company’s stock, valued at approximately $97,929,359.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $176.15, for a total value of $218,778.30. Following the completion of the transaction, the chief executive officer now owns 555,943 shares of the company’s stock, valued at approximately $97,929,359.45. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,021 shares of company stock valued at $4,190,611. 0.42% of the stock is owned by 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.