The PNC Financial Services Group, Inc $PNC Position Raised by State Street Corp

State Street Corp boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.3% in the second quarter, HoldingsChannel.com reports. The firm owned 18,434,446 shares of the financial services provider’s stock after purchasing an additional 765,097 shares during the quarter. State Street Corp’s holdings in The PNC Financial Services Group were worth $4,538,929,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in The PNC Financial Services Group in the second quarter worth approximately $7,921,455,000. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. Bank of America Corp DE purchased a new position in The PNC Financial Services Group in the second quarter valued at about $2,102,631,000. Deutsche Bank AG acquired a new position in The PNC Financial Services Group in the second quarter worth approximately $1,054,189,000. Finally, Jupiter Topco LLC acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth $756,877,000. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.38% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PNC. Royal Bank Of Canada boosted their target price on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Wednesday, July 15th. UBS Group boosted their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a research report on Tuesday, July 7th. Oppenheimer upped their price target on shares of The PNC Financial Services Group from $271.00 to $281.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Wells Fargo & Company lifted 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 note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.87.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock traded down $5.51 on Tuesday, hitting $227.74. The company’s stock had a trading volume of 1,019,526 shares, compared to its average volume of 2,211,636. The firm has a market cap of $90.86 billion, a P/E ratio of 12.55, a price-to-earnings-growth ratio of 1.16 and a beta of 0.90. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The company has a fifty day moving average price of $247.09 and a 200-day moving average price of $231.12. The PNC Financial Services Group, Inc has a one year low of $176.88 and a one year 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 analysts’ consensus estimates 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 firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. On average, equities 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 firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid 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. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.