Eastern Bank Purchases 236,272 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Eastern Bank increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 1,884.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 248,812 shares of the financial services provider's stock after buying an additional 236,272 shares during the quarter. Eastern Bank owned 0.06% of The PNC Financial Services Group worth $45,993,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of PNC. Jennison Associates LLC lifted its position in shares of The PNC Financial Services Group by 38.4% during the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider's stock worth $169,891,000 after buying an additional 291,769 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider's stock valued at $71,163,000 after purchasing an additional 276,200 shares during the last quarter. Hsbc Holdings PLC raised its position in The PNC Financial Services Group by 24.1% in the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider's stock valued at $209,962,000 after purchasing an additional 262,654 shares during the last quarter. Marshall Wace LLP raised its position in The PNC Financial Services Group by 5,419.9% in the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider's stock valued at $40,277,000 after purchasing an additional 254,356 shares during the last quarter. Finally, Legal & General Group Plc raised its position 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 purchasing an additional 223,955 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on PNC. Stephens increased their target price on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a "hold" rating in a research report on Wednesday, July 3rd. Citigroup raised their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a "buy" rating in a research report on Wednesday, July 17th. Compass Point downgraded The PNC Financial Services Group from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Two equities research 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 PNC Financial Services Group has an average rating of "Hold" and a consensus price target of $185.71.

The PNC Financial Services Group Stock Up 0.3 %

The PNC Financial Services Group stock traded up $0.64 during mid-day trading on Tuesday, reaching $186.28. The stock had a trading volume of 1,808,715 shares, compared to its average volume of 1,868,345. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.82 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $196.64. The stock's 50-day simple moving average is $181.20 and its 200-day simple moving average is $167.47. The firm has a market capitalization of $74.05 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share 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 for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter last year, the company earned $3.60 earnings per share. The company's revenue for the quarter was up 3.8% on a year-over-year basis. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 13.3 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.44%. The PNC Financial Services Group's dividend payout ratio is presently 54.10%.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $190.57, for a total value of $236,687.94. Following the transaction, the chief executive officer now owns 546,007 shares in the company, valued at $104,052,553.99. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, October 18th. The stock was sold at an average price of $190.57, for a total transaction of $236,687.94. Following the sale, the chief executive officer now directly owns 546,007 shares in the company, valued at approximately $104,052,553.99. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now owns 199,095 shares in the company, valued at $36,151,670.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,662 shares of company stock worth $4,459,819 over the last 90 days. 0.42% of the stock is currently owned by corporate insiders.

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.