Harvey Investment Co. LLC reduced its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 2.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,760 shares of the financial services provider’s stock after selling 1,150 shares during the period. PNC Financial Services Group, Inc. (The) comprises 1.2% of Harvey Investment Co. LLC’s investment portfolio, making the stock its 27th largest position. Harvey Investment Co. LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $5,964,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNC. First Interstate Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the period. Ledyard National Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares during the period. Pinnacle Bank purchased a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at about $157,000. Jacobus Wealth Management Inc. raised its position in shares of PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the period. Finally, Doyle Wealth Management purchased a new position in shares of PNC Financial Services Group, Inc. (The) during the second quarter valued at about $203,000. 81.49% of the stock is owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.73% during midday trading on Friday, hitting $128.05. 2,931,654 shares of the stock were exchanged. The firm’s 50 day moving average is $127.20 and its 200-day moving average is $123.30. 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 market capitalization of $61.36 billion, a price-to-earnings ratio of 16.30 and a beta of 0.93.

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, topping the consensus estimate of $2.02 by $0.08. The business had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The company’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.82 earnings per share. On average, analysts predict that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

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

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

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Several brokerages have recently issued reports on PNC. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 price target for the company in a report on Friday, July 28th. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 price objective on shares of PNC Financial Services Group, Inc. (The) and gave the company a “hold” rating in a research report on Friday, May 19th. Instinet reaffirmed a “neutral” rating and issued a $126.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Wednesday, July 12th. Finally, Nomura boosted their price objective on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the company a “neutral” rating in a research report on Monday, July 17th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction dated 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 completion of the sale, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

About PNC Financial Services Group, Inc. (The)

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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