Kennebec Savings Bank purchased a new position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 3,065 shares of the financial services provider's stock, valued at approximately $567,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Capital International Investors boosted its holdings in shares of The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider's stock worth $2,556,195,000 after acquiring an additional 78,407 shares during the period. Ameriprise Financial Inc. lifted its stake in The PNC Financial Services Group by 0.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider's stock valued at $746,772,000 after acquiring an additional 18,397 shares in the last quarter. Legal & General Group Plc raised its stake in shares of The PNC Financial Services Group by 6.8% during the 2nd quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider's stock worth $544,335,000 after purchasing an additional 223,955 shares during the period. Principal Financial Group Inc. increased its holdings in The PNC Financial Services Group by 1.0% during the third quarter. Principal Financial Group Inc. now owns 2,275,472 shares of the financial services provider's stock worth $420,621,000 after buying an additional 22,271 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in The PNC Financial Services Group by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider's stock worth $346,926,000 after purchasing an additional 100,993 shares during the period. Institutional investors and hedge funds own 83.53% of the company's stock.
The PNC Financial Services Group Price Performance
Shares of NYSE:PNC traded up $6.15 during midday trading on Monday, hitting $210.12. The company's stock had a trading volume of 742,716 shares, compared to its average volume of 1,864,031. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The business's 50 day simple moving average is $185.53 and its 200 day simple moving average is $171.17. The PNC Financial Services Group, Inc. has a 12-month low of $118.89 and a 12-month high of $210.40. The company has a market cap of $83.37 billion, a P/E ratio of 17.24, a price-to-earnings-growth ratio of 2.16 and a beta of 1.13.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating the consensus estimate of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.60 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.41 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 54.10%.
Wall Street Analyst Weigh In
Several research analysts have commented on the stock. Barclays lifted their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $204.00 to $215.00 and gave the company an "overweight" rating in a research note on Wednesday, October 16th. Royal Bank of Canada boosted their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an "outperform" rating in a research report on Wednesday, July 17th. Morgan Stanley upped their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an "underweight" rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $185.71.
Check Out Our Latest Research Report on PNC
Insider Activity at The PNC Financial Services Group
In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $176.15, for a total value of $218,778.30. Following the completion of the transaction, the chief executive officer now owns 555,943 shares in the company, valued at $97,929,359.45. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $176.15, for a total transaction of $218,778.30. Following the transaction, the chief executive officer now owns 555,943 shares of the company's stock, valued at approximately $97,929,359.45. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the company's stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company's stock, valued at $170,299.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,279 shares of company stock valued at $2,442,673 over the last ninety days. 0.42% of the stock is owned by corporate insiders.
The PNC Financial Services Group Profile
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Free Report)
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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