Plato Investment Management Ltd Acquires Shares of 8,338 The PNC Financial Services Group, Inc $PNC

Plato Investment Management Ltd acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel reports. The firm acquired 8,338 shares of the financial services provider’s stock, valued at approximately $2,041,000.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares in the last quarter. State Street Corp raised its stake in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares in the last quarter. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth about $1,967,080,000. Finally, Geode Capital Management LLC grew its stake in The PNC Financial Services Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 51,654 shares of company stock valued at $11,552,661. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $254.65 on Tuesday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a fifty day moving average price of $247.28 and a 200 day moving average price of $228.73. The company has a market cap of $101.59 billion, a P/E ratio of 14.01, a PEG ratio of 1.02 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the business posted $3.85 earnings per share. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. The ex-dividend date was Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.1%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is 44.03%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PNC. Robert W. Baird upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a research report on Thursday, July 23rd. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a report on Wednesday, July 29th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Citigroup raised their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Company Profile

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.