L2 Asset Management LLC Purchases New Stake in The PNC Financial Services Group, Inc $PNC

L2 Asset Management LLC acquired a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,284 shares of the financial services provider’s stock, valued at approximately $562,000.

Several other hedge funds have also added to or reduced their stakes in PNC. Cvfg LLC boosted its stake in The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 43 shares during the last quarter. Trust Asset Management LLC increased its stake in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 43 shares during the last quarter. Baron Wealth Management LLC increased its stake in shares of The PNC Financial Services Group by 3.0% during the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 46 shares during the last quarter. Atom Investors LP raised its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock worth $529,000 after purchasing an additional 46 shares during the period. Finally, Flavin Financial Services Inc. raised its holdings in shares of The PNC Financial Services Group by 0.4% in the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock worth $2,847,000 after purchasing an additional 48 shares during the period. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 0.2%

PNC opened at $244.15 on Wednesday. The company has a 50 day moving average of $248.75 and a 200 day moving average of $229.47. The company has a market cap of $97.40 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. 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 current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last issued 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 business had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.85 EPS. On average, sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PNC shares. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. Robert W. Baird boosted their target price 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. Morgan Stanley upped their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research report on Monday, June 29th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. Finally, UBS Group lifted their price objective on The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target 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.