Pallas Capital Advisors LLC Buys New Shares in The PNC Financial Services Group, Inc $PNC

Pallas Capital Advisors LLC purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 48,356 shares of the financial services provider’s stock, valued at approximately $11,906,000.

Several other institutional investors have also added to or reduced their stakes in PNC. Norges Bank bought a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $1,967,080,000. Viking Global Investors LP boosted its holdings in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock valued at $1,598,753,000 after acquiring an additional 5,581,102 shares during the period. Deutsche Bank AG purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at about $1,054,189,000. Bank of New York Mellon Corp bought a new position in The PNC Financial Services Group during the 2nd quarter worth approximately $630,949,000. Finally, Corient Private Wealth LLC grew its position in The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock worth $549,023,000 after acquiring an additional 2,382,552 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 0.9%

NYSE:PNC opened at $254.65 on Tuesday. The company has a 50-day moving average price of $247.28 and a 200-day moving average price of $228.73. The stock has a market cap of $101.59 billion, a price-to-earnings ratio of 14.01, a P/E/G ratio of 1.02 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 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 announced its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter in the previous year, the company earned $3.85 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 21.4% on a year-over-year basis. Equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.1%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.03%.

Analyst Ratings Changes

Several analysts have weighed in on PNC shares. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective for the company. in a research report on Thursday, July 23rd. Citigroup upped their price target on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. Stephens increased their price target on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Morgan Stanley raised their price target on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Finally, Oppenheimer boosted their price objective on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The stock was 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 represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,654 shares of company stock worth $11,552,661 over the last 90 days. 0.38% of the stock is currently owned by insiders.

About The PNC Financial Services Group

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.