The PNC Financial Services Group, Inc $PNC Shares Bought by Bank of Nova Scotia

Bank of Nova Scotia raised its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 48.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 141,957 shares of the financial services provider’s stock after buying an additional 46,171 shares during the period. Bank of Nova Scotia’s holdings in The PNC Financial Services Group were worth $28,523,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 1.4% in the second quarter. Vanguard Group Inc. now owns 38,487,074 shares of the financial services provider’s stock valued at $7,174,760,000 after purchasing an additional 521,455 shares during the period. Capital International Investors increased its holdings in The PNC Financial Services Group by 6.0% during the 3rd quarter. Capital International Investors now owns 10,835,687 shares of the financial services provider’s stock worth $2,177,318,000 after purchasing an additional 609,755 shares during the period. Viking Global Investors LP increased its holdings in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the period. Norges Bank acquired a new stake in The PNC Financial Services Group in the 2nd quarter valued at about $1,477,836,000. Finally, Invesco Ltd. raised its position in The PNC Financial Services Group by 0.5% in the 2nd quarter. Invesco Ltd. now owns 5,023,790 shares of the financial services provider’s stock valued at $936,535,000 after purchasing an additional 26,798 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on PNC shares. Keefe, Bruyette & Woods boosted their price objective on The PNC Financial Services Group from $228.00 to $247.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 20th. Oppenheimer raised their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Barclays lifted their price target on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. JPMorgan Chase & Co. boosted their price target on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $234.44.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 50,000 shares of the company’s stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer directly owned 554,274 shares of the company’s stock, valued at $127,970,781.12. This represents a 8.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the transaction, the executive vice president owned 18,867 shares in the company, valued at $4,415,066.67. This represents a 18.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 over the last quarter. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Down 0.3%

Shares of The PNC Financial Services Group stock opened at $200.55 on Tuesday. The company has a fifty day simple moving average of $221.24 and a 200-day simple moving average of $205.24. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The stock has a market cap of $80.89 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 0.84 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping the consensus estimate of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same period last year, the business earned $3.77 EPS. The PNC Financial Services Group’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.4%. The PNC Financial Services Group’s payout ratio is 40.99%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.