The PNC Financial Services Group, Inc $PNC Shares Bought by Royal Bank of Canada

Royal Bank of Canada grew its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.7% in the 1st quarter, HoldingsChannel.com reports. The firm owned 3,293,564 shares of the financial services provider’s stock after purchasing an additional 447,444 shares during the period. Royal Bank of Canada’s holdings in The PNC Financial Services Group were worth $685,358,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group during the fourth quarter worth approximately $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth about $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group in the 1st quarter worth approximately $31,000. Finally, Wilkerson Advisory Group LLC grew its position in The PNC Financial Services Group by 93.4% during the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares in the company, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 48,300 shares of company stock valued at $10,694,574. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $251.79 on Wednesday. The firm has a market cap of $101.11 billion, a price-to-earnings ratio of 13.86, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The company’s fifty day moving average is $238.39 and its 200-day moving average is $225.41. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $256.49.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The firm had revenue of $6.66 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.85 earnings per share. Equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date is Monday, July 20th. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is currently 44.03%.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a report on Thursday, April 16th. Barclays upped their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Stephens lifted their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, JPMorgan Chase & Co. upped their target price on The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a report on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $265.48.

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.