Parsons Capital Management Inc. RI raised its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 2.5% during the first quarter, Holdings Channel reports. The institutional investor owned 4,474 shares of the financial services provider’s stock after buying an additional 110 shares during the period. Parsons Capital Management Inc. RI’s holdings in PNC Financial Services Group, Inc. (The) were worth $538,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Nuveen Asset Management LLC raised its position in PNC Financial Services Group, Inc. (The) by 195.8% in the first quarter. Nuveen Asset Management LLC now owns 92,704 shares of the financial services provider’s stock worth $11,147,000 after buying an additional 61,361 shares in the last quarter. Clearbridge Investments LLC raised its position in PNC Financial Services Group, Inc. (The) by 13,024.4% in the first quarter. Clearbridge Investments LLC now owns 202,247 shares of the financial services provider’s stock worth $24,318,000 after buying an additional 200,706 shares in the last quarter. Piedmont Investment Advisors LLC raised its position in PNC Financial Services Group, Inc. (The) by 0.9% in the first quarter. Piedmont Investment Advisors LLC now owns 105,966 shares of the financial services provider’s stock worth $12,741,000 after buying an additional 913 shares in the last quarter. Ballentine Partners LLC raised its position in PNC Financial Services Group, Inc. (The) by 0.9% in the first quarter. Ballentine Partners LLC now owns 9,763 shares of the financial services provider’s stock worth $1,174,000 after buying an additional 85 shares in the last quarter. Finally, CCM Investment Advisers LLC raised its position in PNC Financial Services Group, Inc. (The) by 17.6% in the first quarter. CCM Investment Advisers LLC now owns 65,933 shares of the financial services provider’s stock worth $7,927,000 after buying an additional 9,856 shares in the last quarter. Institutional investors own 81.49% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.73% during mid-day trading on Friday, hitting $128.05. 2,931,654 shares of the company’s stock traded hands. The stock has a market cap of $61.36 billion, a P/E ratio of 16.30 and a beta of 0.93. PNC Financial Services Group, Inc. has a 1-year low of $84.97 and a 1-year high of $133.26. The stock has a 50 day moving average price of $127.20 and a 200-day moving average price of $123.30.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $3.97 billion. During the same period last year, the company posted $1.82 earnings per share. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities research analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.34%. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is presently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its board has approved a stock repurchase program on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its stock is undervalued.

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Several analysts have recently weighed in on PNC shares. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 target price on the stock in a report on Tuesday, May 23rd. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $130.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Thursday, June 15th. BMO Capital Markets reaffirmed a “buy” rating and issued a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, June 23rd. Finally, Rafferty Capital Markets raised shares of 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 issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) currently has a consensus rating of “Hold” and a consensus price target of $122.57.

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

PNC Financial Services Group, Inc. (The) Company Profile

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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