Wellington Shields & Co. LLC increased its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 8.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,242 shares of the financial services provider’s stock after buying an additional 500 shares during the period. Wellington Shields & Co. LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $779,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Advisory Services Network LLC bought a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $539,000. Korea Investment CORP boosted its position in shares of PNC Financial Services Group, Inc. (The) by 48.6% in the first quarter. Korea Investment CORP now owns 439,385 shares of the financial services provider’s stock worth $52,832,000 after buying an additional 143,605 shares during the period. First National Bank & Trust Co. of Newtown boosted its position in shares of PNC Financial Services Group, Inc. (The) by 1.7% in the first quarter. First National Bank & Trust Co. of Newtown now owns 9,234 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 155 shares during the period. Rockland Trust Co. boosted 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 worth $456,000 after buying an additional 187 shares during the period. Finally, HPM Partners LLC bought a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth about $362,000. 82.12% of the stock is owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded up 2.331% during mid-day trading on Monday, reaching $131.035. 781,466 shares of the company were exchanged. PNC Financial Services Group, Inc. has a 12 month low of $84.60 and a 12 month high of $133.26. The firm has a market capitalization of $62.79 billion, a PE ratio of 16.675 and a beta of 0.93. The company’s 50 day moving average price is $127.20 and its 200 day moving average price is $123.30.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the Zacks’ 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 firm 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 firm posted $1.82 earnings per share. The firm’s revenue was up 7.0% on a year-over-year basis. Equities analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

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

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a yield of 2.34%. PNC Financial Services Group, Inc. (The)’s payout ratio is presently 38.12%.

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PNC has been the subject of a number of research analyst reports. Barclays PLC increased their target price on shares of PNC Financial Services Group, Inc. (The) from $125.00 to $130.00 and gave the company an “equal weight” rating in a report on Wednesday, April 19th. BidaskClub cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, May 22nd. Finally, Credit Suisse Group reaffirmed a “neutral” rating and issued a $126.00 target price (up from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $122.57.

In related news, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the business’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 disclosure for this sale can be found here. 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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