Harvest Investment Advisors LLC Buys New Shares in The PNC Financial Services Group, Inc $PNC

Harvest Investment Advisors LLC bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 10,224 shares of the financial services provider’s stock, valued at approximately $2,134,000. The PNC Financial Services Group accounts for approximately 1.2% of Harvest Investment Advisors LLC’s portfolio, making the stock its 26th largest holding.

A number of other institutional investors also recently modified their holdings of PNC. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $29,000. Kemnay Advisory Services Inc. bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $32,000. Beacon Financial Strategies CORP bought a new stake in The PNC Financial Services Group during the 4th quarter valued at $35,000. Finally, JPL Wealth Management LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $234.71 on Wednesday. The company has a market cap of $94.25 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.96 and a beta of 0.92. The PNC Financial Services Group, Inc has a 52 week low of $172.88 and a 52 week high of $243.94. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The firm’s 50-day simple moving average is $221.67 and its two-hundred day simple moving average is $216.86.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same period in the prior year, the firm earned $3.51 earnings per share. The company’s revenue was up 13.1% compared to the same quarter last year. Research analysts predict that The PNC Financial Services Group, Inc will post 18.79 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 39.51%.

Insider Activity at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock valued at $10,694,574 over the last three months. 0.38% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on PNC shares. Bank of America boosted their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Barclays boosted their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research note on Thursday, April 16th. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Jefferies Financial Group started coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They set a “buy” rating and a $250.00 price target for the company. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $246.72.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.