Park National Corp OH increased its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 9.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,862 shares of the financial services provider’s stock after acquiring an additional 6,529 shares during the quarter. Park National Corp OH’s holdings in PNC Financial Services Group were worth $10,277,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in the company. Princeton Global Asset Management LLC acquired a new position in PNC Financial Services Group in the 4th quarter valued at about $543,000. Executive Wealth Management LLC acquired a new position in shares of PNC Financial Services Group during the 4th quarter valued at about $29,000. GYL Financial Synergies LLC acquired a new position in shares of PNC Financial Services Group during the 1st quarter valued at about $940,000. Wesbanco Bank Inc. increased its stake in shares of PNC Financial Services Group by 8.1% during the 1st quarter. Wesbanco Bank Inc. now owns 89,898 shares of the financial services provider’s stock valued at $11,027,000 after acquiring an additional 6,739 shares during the last quarter. Finally, ZWJ Investment Counsel Inc. increased its stake in shares of PNC Financial Services Group by 0.6% during the 1st quarter. ZWJ Investment Counsel Inc. now owns 70,763 shares of the financial services provider’s stock valued at $8,680,000 after acquiring an additional 419 shares during the last quarter. 80.34% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have recently commented on PNC. Morgan Stanley set a $36.00 price objective on shares of ArcBest and gave the company a “hold” rating in a research note on Monday, July 8th. Barclays upped their price objective on shares of Zimmer Biomet from $113.00 to $117.00 and gave the company an “underweight” rating in a research note on Monday, April 15th. Zacks Investment Research downgraded shares of Hope Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 26th. ValuEngine downgraded shares of Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. Finally, UBS Group set a $169.00 price objective on shares of M&T Bank and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Twelve equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $142.99.
Shares of NYSE:PNC traded up $1.11 during trading on Tuesday, reaching $140.68. 1,477,469 shares of the stock were exchanged, compared to its average volume of 2,062,226. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.94 and a current ratio of 0.94. PNC Financial Services Group Inc has a 12-month low of $108.45 and a 12-month high of $147.23. The firm has a market capitalization of $62.67 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 1.81 and a beta of 1.09. The company has a 50-day moving average price of $136.89.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.83 by $0.05. The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.40 billion. PNC Financial Services Group had a return on equity of 11.10% and a net margin of 25.46%. PNC Financial Services Group’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.72 EPS. On average, analysts expect that PNC Financial Services Group Inc will post 11.29 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 19th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend is Thursday, July 18th. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. PNC Financial Services Group’s dividend payout ratio is currently 42.95%.
In other news, insider Joseph E. Rockey sold 6,000 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $135.00, for a total transaction of $810,000.00. Following the completion of the transaction, the insider now directly owns 24,747 shares in the company, valued at approximately $3,340,845. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Gregory H. Kozich sold 10,000 shares of the stock in a transaction that occurred on Friday, July 19th. The shares were sold at an average price of $139.82, for a total value of $1,398,200.00. Following the transaction, the insider now owns 20,080 shares of the company’s stock, valued at $2,807,585.60. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.
About PNC Financial Services Group
The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.
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