Assenagon Asset Management S.A. grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 160.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 702,384 shares of the financial services provider's stock after purchasing an additional 433,178 shares during the period. Assenagon Asset Management S.A. owned approximately 0.18% of The PNC Financial Services Group worth $129,836,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in PNC. Bank & Trust Co acquired a new position in shares of The PNC Financial Services Group during the second quarter valued at about $26,000. ORG Partners LLC raised its holdings in shares of The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider's stock worth $26,000 after acquiring an additional 110 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter worth about $28,000. Palisade Asset Management LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter worth about $29,000. Finally, Y.D. More Investments Ltd acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth about $33,000. Institutional investors and hedge funds own 83.53% of the company's stock.
The PNC Financial Services Group Stock Performance
Shares of PNC stock traded up $0.73 during trading on Thursday, reaching $188.94. 1,219,551 shares of the company's stock traded hands, compared to its average volume of 1,866,021. The company has a market capitalization of $75.18 billion, a P/E ratio of 15.86, a PEG ratio of 1.98 and a beta of 1.14. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The firm's 50-day moving average is $181.96 and its 200 day moving average is $167.82. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $196.64.
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 company had revenue of $5.43 billion for the quarter, compared to analysts' expectations 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 revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the company posted $3.60 EPS. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current year.
The PNC Financial Services Group Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group's payout ratio is currently 53.74%.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on PNC shares. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an "underweight" rating in a report on Wednesday, October 16th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an "overweight" rating in a report on Wednesday, October 16th. Jefferies Financial Group upped their price objective on shares of 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 upped their price objective on shares of 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. Finally, Barclays upped their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Hold" and an average price target of $185.71.
Read Our Latest Stock Report on PNC
Insiders Place Their Bets
In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the sale, the director now directly owns 915 shares in the company, valued at $170,299.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $180.48, for a total value of $224,156.16. Following the sale, the chief executive officer now directly owns 560,911 shares in the company, valued at $101,233,217.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction that occurred on 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 sale, the director now owns 915 shares in the company, 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 25,521 shares of company stock worth $4,619,696 in the last three months. 0.42% of the stock is currently owned by corporate insiders.
About The PNC Financial Services Group
(
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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