OVERSEA CHINESE BANKING Corp Ltd Acquires New Position in The PNC Financial Services Group, Inc $PNC

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,841 shares of the financial services provider’s stock, valued at approximately $946,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP acquired a new stake in The PNC Financial Services Group in the third quarter valued at about $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in The PNC Financial Services Group in the second quarter valued at about $28,000. Modus Advisors LLC bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $29,000. Finally, Financial Life Planners bought a new position in The PNC Financial Services Group in the first quarter valued at about $31,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

PNC stock opened at $243.05 on Friday. The company has a fifty day moving average price of $248.28 and a 200-day moving average price of $229.34. The company has a market capitalization of $96.96 billion, a P/E ratio of 13.38, a PEG ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. 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 PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 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 company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the business earned $3.85 earnings per share. The PNC Financial Services Group’s revenue was up 21.4% compared to the same quarter last year. As a group, equities 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 business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Buying and Selling

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,654 shares of company stock valued at $11,552,661 over the last 90 days. 0.38% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNC. UBS Group increased their target price on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Wells Fargo & Company lifted their price target on shares of 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. Stephens upped their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Finally, Robert W. Baird raised their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. One research 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’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $265.73.

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.