Polar Asset Management Partners Inc. Buys New Holdings in The PNC Financial Services Group, Inc $PNC

Polar Asset Management Partners Inc. purchased a new position in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, HoldingsChannel reports. The fund purchased 34,102 shares of the financial services provider’s stock, valued at approximately $8,397,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth $28,000. Monetary Solutions Ltd bought a new position in shares of The PNC Financial Services Group during the fourth quarter worth $25,000. Quarry LP purchased a new position in The PNC Financial Services Group during the third quarter valued at $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group in the 4th quarter valued at $29,000. Finally, Financial Life Planners bought a new stake in The PNC Financial Services Group in the 1st quarter valued at $31,000. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on PNC shares. UBS Group increased their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price on the stock. in a research report on Thursday, July 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Royal Bank Of Canada raised their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a report on Thursday, July 16th. Finally, Oppenheimer upped their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a 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 given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.73.

The PNC Financial Services Group Trading Up 0.2%

PNC stock opened at $244.15 on Wednesday. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The stock has a market capitalization of $97.40 billion, a price-to-earnings ratio of 13.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34. The firm’s fifty day simple moving average is $248.75 and its two-hundred day simple moving average is $229.47.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business’s revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the business earned $3.85 EPS. As a group, analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 6,654 shares of company stock worth $1,627,011 over the last 90 days. Company insiders own 0.38% of the company’s stock.

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.