56,169 Shares in The PNC Financial Services Group, Inc $PNC Bought by Basswood Capital Management L.L.C.

Basswood Capital Management L.L.C. bought a new position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 56,169 shares of the financial services provider’s stock, valued at approximately $13,830,000.

Several other large investors also recently bought and sold shares of the company. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group in the 2nd quarter worth about $28,000. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group during the fourth quarter worth about $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $25,000. Modus Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $29,000. Finally, Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Barclays raised their price objective on shares of The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Robert W. Baird increased their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. UBS Group raised their price target on 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. Stephens boosted their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price objective on the stock. in a research report on Thursday, July 23rd. One equities research 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $265.73.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Up 0.4%

PNC stock opened at $245.04 on Thursday. The company has a 50 day moving average price of $248.99 and a two-hundred day moving average price of $229.52. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85. The stock has a market capitalization of $97.76 billion, a P/E ratio of 13.49, a PEG ratio of 0.97 and a beta of 0.91. 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 posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company 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 business earned $3.85 EPS. The firm’s revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s 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, 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.