Mirae Asset Global Investments Co. Ltd. Makes New Investment in The PNC Financial Services Group, Inc $PNC

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 118,177 shares of the financial services provider’s stock, valued at approximately $26,266,000.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $7,921,455,000. State Street Corp lifted its position in The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares in the last quarter. Bank of America Corp DE bought a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $2,102,631,000. Deutsche Bank AG bought a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in The PNC Financial Services Group by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock valued at $888,309,000 after purchasing an additional 39,112 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 1.7%

PNC opened at $231.74 on Tuesday. The firm’s 50 day simple moving average is $229.81 and its two-hundred day simple moving average is $228.98. The company has a market capitalization of $92.45 billion, a PE ratio of 12.33, a PEG ratio of 1.18 and a beta of 0.94. The PNC Financial Services Group, Inc has a 1-year low of $177.08 and a 1-year high of $258.96. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.91 by $0.18. The firm had revenue of $6.60 billion during the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.35 EPS. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be given a dividend of $2.00 per share. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 annualized dividend and a yield of 3.5%. The PNC Financial Services Group’s payout ratio is 42.58%.

Wall Street Analyst Weigh In

A number of analysts have commented on PNC shares. DA Davidson lifted their target price on The PNC Financial Services Group from $247.00 to $281.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. UBS Group decreased their price target on The PNC Financial Services Group from $286.00 to $278.00 and set a “buy” rating for the company in a research note on Monday. Robert W. Baird upped their price target on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Bank of America lowered their price target on The PNC Financial Services Group from $291.00 to $276.00 in a report on Thursday, October 8th. Finally, The Goldman Sachs Group dropped their price objective on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.04.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.