The PNC Financial Services Group, Inc $PNC Shares Purchased by Saudi Central Bank

Saudi Central Bank raised its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 95.5% during the second quarter, Holdings Channel reports. The firm owned 28,140 shares of the financial services provider’s stock after buying an additional 13,745 shares during the quarter. Saudi Central Bank’s holdings in The PNC Financial Services Group were worth $6,929,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock valued at $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC lifted its stake in The PNC Financial Services Group by 2.1% during the 1st quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after acquiring an additional 170 shares in the last quarter. Sivia Capital Partners LLC lifted its stake in The PNC Financial Services Group by 50.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock worth $807,000 after acquiring an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina boosted its holdings in The PNC Financial Services Group by 1.5% during the 2nd quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after acquiring an additional 2,808 shares during the period. Finally, Diversify Advisory Services LLC purchased a new position in The PNC Financial Services Group during the 2nd quarter valued at about $482,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on PNC. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Robert W. Baird raised their price objective on shares of 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 cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a report on Thursday, July 23rd. JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. One investment 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Price Performance

PNC stock opened at $245.64 on Friday. 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 firm has a market capitalization of $98.00 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 0.90. The business’s 50-day moving average is $249.54 and its two-hundred day moving average is $229.85. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping 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 business had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the company posted $3.85 earnings per share. The business’s revenue for the quarter was up 21.4% on a year-over-year basis. Analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. 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. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.38% of the company’s stock.

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.