Caisse de depot et placement du Quebec Invests $33.38 Million in The PNC Financial Services Group, Inc $PNC

Caisse de depot et placement du Quebec bought a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, Holdings Channel.com reports. The fund bought 135,572 shares of the financial services provider’s stock, valued at approximately $33,381,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at approximately $7,921,455,000. State Street Corp grew its stake in 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 purchasing an additional 77,302 shares during the period. Capital International Investors grew its stake in The PNC Financial Services Group by 10.2% in 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 during the period. Norges Bank bought a new position in The PNC Financial Services Group in the fourth quarter worth $1,967,080,000. Finally, Geode Capital Management LLC raised its holdings in The PNC Financial Services Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after purchasing an additional 30,078 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.5%

The PNC Financial Services Group stock opened at $242.24 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.96. The company has a market capitalization of $96.64 billion, a price-to-earnings ratio of 13.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The business’s fifty day simple moving average is $249.40 and its two-hundred day simple moving average is $229.61. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to the consensus estimate of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company’s revenue was up 21.4% on a year-over-year basis. During the same period last year, the company earned $3.85 earnings per share. As a group, equities analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed 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. The ex-dividend date was Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a yield of 3.3%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were 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 in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction 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 position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 6,654 shares of company stock worth $1,627,011. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PNC. Royal Bank Of Canada boosted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company 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 research note on Wednesday, July 15th. Argus lifted their price target on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Wells Fargo & Company boosted their price objective on shares of 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. Finally, Deutsche Bank Aktiengesellschaft cut shares of 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 report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $265.73.

The PNC Financial Services Group Profile

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.