Delta Global Management LP Purchases 57,982 Shares of The PNC Financial Services Group, Inc $PNC

Delta Global Management LP boosted its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 83.4% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 127,474 shares of the financial services provider’s stock after purchasing an additional 57,982 shares during the quarter. The PNC Financial Services Group comprises about 2.2% of Delta Global Management LP’s portfolio, making the stock its 13th biggest position. Delta Global Management LP’s holdings in The PNC Financial Services Group were worth $26,526,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. Norges Bank bought a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $1,967,080,000. Viking Global Investors LP grew its holdings in The PNC Financial Services Group by 234.9% during the 3rd quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after acquiring an additional 5,581,102 shares in the last quarter. Corient Private Wealth LLC increased its position in The PNC Financial Services Group by 961.7% during the 4th quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock valued at $549,023,000 after purchasing an additional 2,382,552 shares during the period. Deutsche Bank AG increased its position in The PNC Financial Services Group by 108.2% during the 4th quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock valued at $800,884,000 after purchasing an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP raised its holdings in shares of The PNC Financial Services Group by 50.1% in the 3rd quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock valued at $700,305,000 after purchasing an additional 1,162,964 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Up 0.5%

NYSE PNC opened at $250.59 on Friday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49. The company has a 50 day moving average price of $236.91 and a 200 day moving average price of $224.87. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The firm has a market cap of $100.63 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $6.66 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period 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 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 annualized dividend and a yield of 3.2%. 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 is currently 44.03%.

Insider Activity at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the sale, the director owned 10,749 shares in the company, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods upped their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a “market perform” rating in a research report on Thursday, April 16th. Royal Bank Of Canada boosted their price objective on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. JPMorgan Chase & Co. lifted their price target on The PNC Financial Services Group from $238.00 to $264.50 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $265.48.

The PNC Financial Services Group Company 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.