Wealth Advisors of Tampa Bay LLC Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Wealth Advisors of Tampa Bay LLC grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,218 shares of the financial services provider’s stock after purchasing an additional 450 shares during the period. Wealth Advisors of Tampa Bay LLC’s holdings in The PNC Financial Services Group were worth $2,677,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Ieq Capital LLC increased its stake in The PNC Financial Services Group by 22.0% during the 2nd quarter. Ieq Capital LLC now owns 14,976 shares of the financial services provider’s stock worth $2,328,000 after buying an additional 2,697 shares during the period. Intech Investment Management LLC grew its stake in shares of The PNC Financial Services Group by 65.9% in the second quarter. Intech Investment Management LLC now owns 3,003 shares of the financial services provider’s stock worth $467,000 after acquiring an additional 1,193 shares in the last quarter. MQS Management LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter worth $487,000. XTX Topco Ltd purchased a new stake in shares of The PNC Financial Services Group during the second quarter worth $512,000. Finally, Hsbc Holdings PLC raised its stake in shares of The PNC Financial Services Group by 24.1% in the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after acquiring an additional 262,654 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 2.5 %

Shares of NYSE PNC opened at $187.16 on Friday. The stock has a market cap of $74.47 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 1.97 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $187.78. The business has a 50-day moving average price of $176.75 and a 200 day moving average price of $162.68. 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 PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same period last year, the firm posted $3.36 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. Equities research analysts forecast 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 firm also recently announced 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 3.42%. This is a boost 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%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $158.10, for a total value of $101,342.10. Following the sale, the chief executive officer now owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the transaction, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The disclosure for this sale can be found here. Insiders have sold a total of 24,622 shares of company stock valued at $4,319,914 over the last quarter. 0.42% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PNC has been the subject of several analyst reports. Morgan Stanley boosted their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 30th. Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. UBS Group raised their target price on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Barclays boosted their price target on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $176.90.

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.