UNIVEST FINANCIAL Corp Acquires Shares of 3,272 The PNC Financial Services Group, Inc $PNC

UNIVEST FINANCIAL Corp acquired a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,272 shares of the financial services provider’s stock, valued at approximately $806,000.

Several other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock worth $8,114,168,000 after acquiring an additional 408,464 shares during the last quarter. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group in the second quarter worth about $7,921,455,000. State Street Corp raised its stake in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $1,967,080,000. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In related news, EVP Stacy M. Juchno sold 3,354 shares of the firm’s stock in a transaction 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 owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated 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 transaction, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 51,654 shares of company stock worth $11,552,661 over the last quarter. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $254.65 on Tuesday. The firm’s 50 day simple moving average is $247.28 and its 200 day simple moving average is $228.73. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The company has a market capitalization 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 debt-to-equity ratio of 1.34, a current ratio of 0.85 and a quick ratio of 0.84.

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, beating 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 firm had revenue of $6.88 billion during 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 business’s revenue for the quarter was up 21.4% on a year-over-year basis. As a group, sell-side analysts forecast 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 company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were given 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 dividend yield of 3.1%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is 44.03%.

Analyst Ratings Changes

A number of brokerages recently weighed in on PNC. Barclays raised their price target on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Citigroup upped their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Oppenheimer increased their price objective on 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. UBS Group lifted their target price on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research note on Tuesday, July 7th. Finally, Wells Fargo & Company upped their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $265.73.

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.