Nissay Asset Management Corp Japan Raises Position in The PNC Financial Services Group, Inc $PNC

Nissay Asset Management Corp Japan increased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 33.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 364,575 shares of the financial services provider’s stock after buying an additional 92,173 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in The PNC Financial Services Group were worth $89,766,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Cvfg LLC grew its position in The PNC Financial Services Group by 2.5% in the fourth quarter. Cvfg LLC now owns 1,753 shares of the financial services provider’s stock valued at $366,000 after acquiring an additional 43 shares in the last quarter. Trust Asset Management LLC lifted its position in shares of The PNC Financial Services Group by 1.0% during the second quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 43 shares in the last quarter. Baron Wealth Management LLC lifted its position in shares of The PNC Financial Services Group by 3.0% during the first quarter. Baron Wealth Management LLC now owns 1,562 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 46 shares in the last quarter. Atom Investors LP boosted its stake in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Atom Investors LP now owns 2,534 shares of the financial services provider’s stock valued at $529,000 after purchasing an additional 46 shares during the period. Finally, Flavin Financial Services Inc. increased its stake in The PNC Financial Services Group by 0.4% during the 4th quarter. Flavin Financial Services Inc. now owns 13,641 shares of the financial services provider’s stock worth $2,847,000 after buying an additional 48 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC 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 business’s fifty day moving average price is $249.40 and its 200 day moving average price is $229.61. 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 stock has a market capitalization of $96.64 billion, a PE ratio of 13.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $6.51 billion. During the same quarter last year, the company posted $3.85 earnings per share. The PNC Financial Services Group’s revenue was up 21.4% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. 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 a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s payout ratio is currently 44.03%.

Analyst Ratings Changes

A number of brokerages have commented on PNC. Robert W. Baird boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. UBS Group raised 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. Argus lifted their target price on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, July 16th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, Oppenheimer raised 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 note on Thursday, July 16th. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $265.73.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, 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 transaction of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 6,654 shares of company stock worth $1,627,011 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

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.