Miracle Mile Advisors LLC Invests $500,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Miracle Mile Advisors LLC acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 2,590 shares of the financial services provider's stock, valued at approximately $500,000.

Several other large investors also recently modified their holdings of PNC. State Street Corp boosted its position in The PNC Financial Services Group by 0.6% during the third quarter. State Street Corp now owns 17,299,381 shares of the financial services provider's stock valued at $3,197,791,000 after acquiring an additional 100,573 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of The PNC Financial Services Group by 1.2% during the 3rd quarter. Franklin Resources Inc. now owns 10,286,202 shares of the financial services provider's stock valued at $1,939,154,000 after purchasing an additional 123,994 shares in the last quarter. Geode Capital Management LLC grew its stake in The PNC Financial Services Group by 2.0% during the third quarter. Geode Capital Management LLC now owns 8,367,424 shares of the financial services provider's stock worth $1,541,155,000 after purchasing an additional 166,138 shares during the period. Ameriprise Financial Inc. increased its holdings in The PNC Financial Services Group by 0.4% in the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider's stock worth $746,772,000 after purchasing an additional 18,397 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in The PNC Financial Services Group by 6.8% in the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider's stock valued at $544,335,000 after buying an additional 223,955 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PNC has been the subject of several recent analyst reports. Compass Point raised their price objective on shares of The PNC Financial Services Group from $175.00 to $233.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an "underweight" rating in a research report on Wednesday, October 16th. The Goldman Sachs Group boosted their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a "neutral" rating in a research report on Friday, December 6th. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an "underperform" rating in a research note on Wednesday, October 16th. Finally, Citigroup boosted their price objective on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a "buy" rating in a report on Monday, November 25th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of "Hold" and a consensus target price of $203.29.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $189.29, for a total transaction of $235,098.18. Following the completion of the transaction, the chief executive officer now owns 530,039 shares in the company, valued at $100,331,082.31. This trade represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company's stock, valued at $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 30,272 shares of company stock valued at $6,164,890. Company insiders own 0.42% of the company's stock.

The PNC Financial Services Group Stock Down 2.1 %

The PNC Financial Services Group stock traded down $4.21 during midday trading on Thursday, hitting $196.23. 5,064,552 shares of the stock were exchanged, compared to its average volume of 2,446,765. The PNC Financial Services Group, Inc. has a 52-week low of $139.69 and a 52-week high of $216.26. The business's 50-day moving average price is $201.65 and its 200-day moving average price is $186.67. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $77.86 billion, a price-to-earnings ratio of 16.59, a price-to-earnings-growth ratio of 1.77 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 EPS for the quarter, beating analysts' consensus estimates of $3.26 by $0.51. 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 $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the business posted $3.16 earnings per share. The PNC Financial Services Group's revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that The PNC Financial Services Group, Inc. will post 13.47 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 5th. Investors of record on Wednesday, January 15th will be issued a dividend of $1.60 per share. The ex-dividend date is Wednesday, January 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.26%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 54.10%.

The PNC Financial Services Group Profile

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.