Legal & General Group Plc Purchases New Holdings in The PNC Financial Services Group, Inc $PNC

Legal & General Group Plc purchased a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel reports. The institutional investor purchased 2,717,766 shares of the financial services provider’s stock, valued at approximately $669,168,000.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. Cvfg LLC increased its position in shares of The PNC Financial Services Group by 2.5% during the 4th quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after purchasing an additional 43 shares during the last quarter. Trust Asset Management LLC raised its stake in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 43 shares during the period. Baron Wealth Management LLC boosted its holdings in shares of The PNC Financial Services Group by 3.0% in the 1st quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after buying an additional 46 shares during the last quarter. Atom Investors LP boosted its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock worth $529,000 after buying an additional 46 shares during the last quarter. Finally, Flavin Financial Services Inc. grew its position in The PNC Financial Services Group by 0.4% during the fourth quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock valued at $2,847,000 after buying an additional 48 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $243.70 on Tuesday. The stock has a market capitalization of $97.22 billion, a P/E ratio of 13.41, a PEG ratio of 0.96 and a beta of 0.91. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm’s 50 day moving average is $248.56 and its 200 day moving average is $229.42. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The company had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the firm earned $3.85 EPS. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction dated Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 6,654 shares of company stock valued at $1,627,011 over the last three months. Company insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on PNC shares. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Argus increased their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Oppenheimer raised their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Barclays lifted their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, JPMorgan Chase & Co. upped their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group 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.