Investment Management Corp of Ontario Buys 4,300 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Investment Management Corp of Ontario increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 48.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,168 shares of the financial services provider's stock after purchasing an additional 4,300 shares during the quarter. Investment Management Corp of Ontario's holdings in The PNC Financial Services Group were worth $2,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Concurrent Investment Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 45.6% during the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider's stock valued at $1,185,000 after purchasing an additional 2,009 shares in the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new stake in The PNC Financial Services Group during the third quarter valued at $12,548,000. Bleakley Financial Group LLC increased its position in The PNC Financial Services Group by 9.0% during the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider's stock valued at $2,913,000 after acquiring an additional 1,299 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in The PNC Financial Services Group during the second quarter valued at $822,000. Finally, Manning & Napier Advisors LLC purchased a new stake in The PNC Financial Services Group during the second quarter valued at $18,159,000. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on PNC. Barclays upped their price objective on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an "overweight" rating in a research report on Wednesday, October 16th. Compass Point cut The PNC Financial Services Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 22nd. Stephens upped their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 16th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Finally, The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $189.00 to $180.00 and set a "neutral" rating for the company in a research report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $193.96.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the completion of the sale, the chief executive officer now directly owns 550,975 shares of the company's stock, valued at $102,729,288.75. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm's stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the sale, the director now directly owns 38,649 shares of the company's stock, valued at $8,119,768.41. The trade was a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,788 shares of company stock valued at $5,613,814. Insiders own 0.42% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC traded up $0.96 during trading on Thursday, hitting $208.88. 1,727,007 shares of the company's stock were exchanged, compared to its average volume of 1,869,916. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 52-week low of $139.00 and a 52-week high of $216.26. The business's 50-day simple moving average is $196.11 and its 200 day simple moving average is $177.92. The company has a market cap of $82.88 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.19 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts' consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. During the same period in the prior year, the company earned $3.60 earnings per share. The firm's revenue was up 3.8% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group's payout ratio is presently 54.10%.

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.