Heritage Investors Management Corp held its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, Holdings Channel reports. The fund owned 5,535 shares of the financial services provider’s stock at the end of the second quarter. Heritage Investors Management Corp’s holdings in PNC Financial Services Group, Inc. (The) were worth $691,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Iberiabank Corp raised its stake in shares of PNC Financial Services Group, Inc. (The) by 9.2% in the second quarter. Iberiabank Corp now owns 16,488 shares of the financial services provider’s stock valued at $2,059,000 after buying an additional 1,391 shares in the last quarter. Atria Investments LLC purchased a new stake in shares of PNC Financial Services Group, Inc. (The) during the second quarter valued at $412,000. Perkins Coie Trust Co raised its stake in shares of PNC Financial Services Group, Inc. (The) by 0.9% in the second quarter. Perkins Coie Trust Co now owns 22,507 shares of the financial services provider’s stock valued at $2,810,000 after buying an additional 197 shares in the last quarter. Capital One National Association raised its stake in shares of PNC Financial Services Group, Inc. (The) by 11.8% in the second quarter. Capital One National Association now owns 15,071 shares of the financial services provider’s stock valued at $1,882,000 after buying an additional 1,585 shares in the last quarter. Finally, Cardinal Capital Management Inc. raised its stake in shares of PNC Financial Services Group, Inc. (The) by 1.5% in the second quarter. Cardinal Capital Management Inc. now owns 121,751 shares of the financial services provider’s stock valued at $15,203,000 after buying an additional 1,850 shares in the last quarter. 82.12% of the stock is owned by hedge funds and other institutional investors.

Shares of PNC Financial Services Group, Inc. (PNC) traded up 0.1155% during mid-day trading on Wednesday, reaching $130.4906. 780,337 shares of the company’s stock traded hands. The firm has a market cap of $62.53 billion, a price-to-earnings ratio of 16.6061 and a beta of 0.93. The company’s 50 day moving average is $127.81 and its 200-day moving average is $123.48. PNC Financial Services Group, Inc. has a 52 week low of $84.60 and a 52 week high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the firm posted $1.82 earnings per share. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.30%. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is currently 38.12%.

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

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Several brokerages recently weighed in on PNC. BidaskClub lowered PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Saturday. Jefferies Group LLC reissued a “hold” rating and issued a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, August 11th. Wells Fargo & Company assumed coverage on PNC Financial Services Group, Inc. (The) in a report on Wednesday, August 9th. They issued a “market perform” rating and a $119.00 price objective for the company. Zacks Investment Research lowered PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. Finally, Deutsche Bank AG reaffirmed a “buy” rating and set a $130.00 target price (up from $120.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Tuesday, July 25th. Two 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 company. The company has an average rating of “Hold” and a consensus target price of $122.57.

In other news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction 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 transaction, the insider now directly owns 83,931 shares in the company, 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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