Daiwa SB Investments Ltd. decreased its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 17.2% during the second quarter, Holdings Channel reports. The firm owned 7,710 shares of the financial services provider’s stock after selling 1,600 shares during the period. Daiwa SB Investments Ltd.’s holdings in PNC Financial Services Group, Inc. (The) were worth $963,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Rothschild Investment Corp IL bought a new position in PNC Financial Services Group, Inc. (The) during the first quarter worth $666,000. Oakbrook Investments LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 1.4% in the first quarter. Oakbrook Investments LLC now owns 47,800 shares of the financial services provider’s stock valued at $5,747,000 after buying an additional 650 shares during the period. Rockland Trust Co. raised its position in shares of PNC Financial Services Group, Inc. (The) by 5.2% in the first quarter. Rockland Trust Co. now owns 3,790 shares of the financial services provider’s stock valued at $456,000 after buying an additional 187 shares during the period. Anderson Hoagland & Co. raised its position in shares of PNC Financial Services Group, Inc. (The) by 12.8% in the first quarter. Anderson Hoagland & Co. now owns 17,680 shares of the financial services provider’s stock valued at $2,126,000 after buying an additional 2,000 shares during the period. Finally, Boys Arnold & Co. Inc. raised its position in shares of PNC Financial Services Group, Inc. (The) by 0.8% in the first quarter. Boys Arnold & Co. Inc. now owns 4,300 shares of the financial services provider’s stock valued at $517,000 after buying an additional 33 shares during the period. 82.12% of the stock is currently owned by institutional investors.

PNC Financial Services Group, Inc. (PNC) traded up 0.1155% during midday trading on Wednesday, hitting $130.4906. The stock had a trading volume of 780,337 shares. The firm has a 50 day moving average price of $127.81 and a 200 day moving average price of $123.48. PNC Financial Services Group, Inc. has a one year low of $84.60 and a one year high of $133.26. The stock has a market cap of $62.53 billion, a PE ratio of 16.6061 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the previous year, the business earned $1.82 EPS. The company’s revenue was up 7.0% on a year-over-year basis. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

PNC Financial Services Group, Inc. (The) declared that its board has authorized a share buyback program on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were paid a dividend of $0.75 per share. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 annualized dividend and a yield of 2.30%. The ex-dividend date was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.

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Several equities analysts have recently commented on PNC shares. Barclays PLC upped their price target on PNC Financial Services Group, Inc. (The) from $125.00 to $130.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 19th. BidaskClub downgraded PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Zacks Investment Research downgraded PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Credit Suisse Group reiterated a “neutral” rating and issued a $126.00 price objective (up previously from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, July 17th. Finally, Rafferty Capital Markets upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Monday, July 17th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) currently has an average rating of “Hold” and an average price target of $122.57.

In other news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now directly owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.

About PNC Financial Services Group, Inc. (The)

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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