Graypoint LLC Acquires 158 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Graypoint LLC grew its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,552 shares of the financial services provider’s stock after acquiring an additional 158 shares during the quarter. Graypoint LLC’s holdings in The PNC Financial Services Group were worth $397,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Valley Brook Capital Group Inc. increased its holdings in shares of The PNC Financial Services Group by 0.6% during the second quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock valued at $1,648,000 after acquiring an additional 62 shares in the last quarter. Triangle Securities Wealth Management increased its holdings in shares of The PNC Financial Services Group by 1.8% during the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after acquiring an additional 70 shares in the last quarter. Cooper Financial Group increased its holdings in shares of The PNC Financial Services Group by 1.7% during the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 70 shares in the last quarter. Berkshire Bank increased its holdings in shares of The PNC Financial Services Group by 2.0% during the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 71 shares in the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA increased its holdings in shares of The PNC Financial Services Group by 22.3% during the first quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 390 shares of the financial services provider’s stock valued at $63,000 after acquiring an additional 71 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $185.09 on Monday. The company has a market cap of $73.57 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $185.57. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The firm’s 50-day simple moving average is $170.16 and its two-hundred day simple moving average is $159.53.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company’s revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.36 earnings per share. Research analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.46%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

Wall Street Analyst Weigh In

PNC has been the topic of several analyst reports. Morgan Stanley lifted their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. The Goldman Sachs Group lifted their target price on The PNC Financial Services Group from $165.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Barclays lifted their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Evercore ISI lifted their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group currently has a consensus rating of “Hold” and an average target price of $177.02.

Insider Transactions at The PNC Financial Services Group

In other news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 24,021 shares of company stock valued at $4,190,611. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.