Xact Kapitalforvaltning AB Increases Holdings in PNC Financial Services Group Inc (NYSE:PNC)

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Xact Kapitalforvaltning AB grew its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 7.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,896 shares of the financial services provider’s stock after acquiring an additional 5,706 shares during the period. Xact Kapitalforvaltning AB’s holdings in PNC Financial Services Group were worth $11,792,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Norges Bank bought a new stake in shares of PNC Financial Services Group in the fourth quarter worth about $550,507,000. FMR LLC increased its holdings in shares of PNC Financial Services Group by 32.7% in the fourth quarter. FMR LLC now owns 10,859,988 shares of the financial services provider’s stock worth $1,269,641,000 after purchasing an additional 2,677,895 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of PNC Financial Services Group by 13.7% in the fourth quarter. American Century Companies Inc. now owns 3,996,313 shares of the financial services provider’s stock worth $467,209,000 after purchasing an additional 481,885 shares during the last quarter. Hexavest Inc. bought a new stake in shares of PNC Financial Services Group in the second quarter worth about $53,247,000. Finally, Geode Capital Management LLC increased its holdings in shares of PNC Financial Services Group by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock worth $647,356,000 after purchasing an additional 323,714 shares during the last quarter. Institutional investors and hedge funds own 80.34% of the company’s stock.

NYSE PNC traded up $1.38 during trading hours on Tuesday, hitting $140.95. 55,497 shares of the company were exchanged, compared to its average volume of 1,787,080. The stock has a 50-day moving average price of $136.89. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.40. PNC Financial Services Group Inc has a 52 week low of $108.45 and a 52 week high of $147.23. The stock has a market capitalization of $62.67 billion, a PE ratio of 13.15, a PEG ratio of 1.81 and a beta of 1.09.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.05. The firm had revenue of $4.44 billion for 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%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.72 earnings per share. As a group, analysts expect that PNC Financial Services Group Inc will post 11.29 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Friday, July 19th will be paid a dividend of $1.15 per share. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date is Thursday, July 18th. This represents a $4.60 dividend on an annualized basis and a dividend yield of 3.26%. PNC Financial Services Group’s dividend payout ratio is currently 42.95%.

Several equities research analysts have recently issued reports on PNC shares. ValuEngine cut Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 18th. UBS Group set a $169.00 target price on M&T Bank and gave the stock a “hold” rating in a report on Tuesday, April 2nd. JPMorgan Chase & Co. started coverage on Pinduoduo in a report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 target price on the stock. Morgan Stanley set a $36.00 target price on ArcBest and gave the stock a “hold” rating in a report on Monday, July 8th. Finally, Barclays lifted their target price on Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a report on Monday, April 15th. Twelve research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $142.99.

In other news, insider Gregory H. Kozich sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $139.82, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Joseph E. Rockey sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $135.00, for a total value of $810,000.00. Following the transaction, the insider now directly owns 24,747 shares in the company, valued at approximately $3,340,845. The disclosure for this sale can be found here. Corporate insiders own 0.37% of the company’s stock.

PNC Financial Services Group Profile

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.

Further Reading: What are some reasons analysts would give stocks a buy rating?

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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