Envestnet Portfolio Solutions Inc. lowered its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,375 shares of the financial services provider’s stock after selling 137 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in The PNC Financial Services Group were worth $5,811,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Tennessee Valley Asset Management Partners bought a new position in The PNC Financial Services Group during the fourth quarter valued at about $26,000. Bank & Trust Co acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth approximately $26,000. ORG Partners LLC lifted its holdings in The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. LRI Investments LLC bought a new stake in The PNC Financial Services Group during the first quarter worth approximately $28,000. Finally, Palisade Asset Management LLC bought a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $29,000. Institutional investors and hedge funds own 83.53% of the company’s stock.
The PNC Financial Services Group Stock Performance
NYSE PNC opened at $171.88 on Friday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $182.84. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The stock has a market cap of $68.32 billion, a P/E ratio of 14.43, a PEG ratio of 2.16 and a beta of 1.15. The company’s 50-day simple moving average is $164.72 and its 200 day simple moving average is $157.17.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.36 EPS. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 13.13 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 3.72%. 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%.
Analyst Ratings Changes
PNC has been the subject of several recent analyst reports. Bank of America raised shares of 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 report on Thursday. Evercore ISI raised their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Barclays lifted their price objective 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. The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $165.00 to $182.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Finally, Citigroup lifted their price target on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $177.02.
Read Our Latest Report on The PNC Financial Services Group
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 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the transaction, the chief executive officer now directly owns 558,427 shares of the company’s stock, valued at approximately $94,994,016.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William S. Demchak sold 641 shares of the 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 sale, the chief executive officer now 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 available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $170.11, for a total value of $211,276.62. Following the completion of the transaction, the chief executive officer now directly owns 558,427 shares of the company’s stock, valued at $94,994,016.97. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,537 shares of company stock valued at $3,758,458. 0.42% of the stock is owned by insiders.
About The PNC Financial Services Group
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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Source: defenseworld.net
