The PNC Financial Services Group, Inc $PNC Shares Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. grew its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 9.0% during the third quarter, HoldingsChannel reports. The firm owned 71,610 shares of the financial services provider’s stock after purchasing an additional 5,904 shares during the quarter. Rakuten Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $15,872,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of The PNC Financial Services Group in the second quarter worth approximately $7,921,455,000. Bank of America Corp DE bought a new position in The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Deutsche Bank AG bought a new stake in The PNC Financial Services Group during the second quarter valued at about $1,054,189,000. Jupiter Topco LLC bought a new position in shares of The PNC Financial Services Group in the second quarter worth about $756,877,000. Finally, Legal & General Group Plc bought a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $669,168,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $233.43 on Thursday. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96. The company has a market cap of $93.13 billion, a PE ratio of 12.42, a P/E/G ratio of 1.19 and a beta of 0.92. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84. The business has a 50-day simple moving average of $229.31 and a two-hundred day simple moving average of $229.16.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating the consensus estimate of $4.91 by $0.18. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The company’s quarterly revenue was up 10.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.35 EPS. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 19.24 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Wednesday, October 14th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.4%. The PNC Financial Services Group’s payout ratio is currently 42.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PNC shares. Argus lifted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Oppenheimer upped their price objective on The PNC Financial Services Group from $269.00 to $274.00 and gave the company an “outperform” rating in a research report on Monday. The Goldman Sachs Group reduced their target price on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Keefe, Bruyette & Woods decreased their price objective on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a research note on Friday, October 16th. Finally, JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $258.00 to $259.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Seventeen investment analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $266.04.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.38% of the stock is owned by corporate insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.