Bridges Investment Management Inc. Acquires New Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Bridges Investment Management Inc. bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,613 shares of the financial services provider’s stock, valued at approximately $1,028,000.

Several other large investors have also recently bought and sold shares of the stock. Gilbert & Cook Inc. raised its holdings in The PNC Financial Services Group by 3.7% during the fourth quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 107 shares in the last quarter. Gryphon Financial Partners LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $228,000. CreativeOne Wealth LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at $235,000. Commerce Bank boosted its stake in The PNC Financial Services Group by 1.2% during the fourth quarter. Commerce Bank now owns 20,106 shares of the financial services provider’s stock valued at $3,113,000 after buying an additional 241 shares in the last quarter. Finally, SageView Advisory Group LLC grew its holdings in The PNC Financial Services Group by 125.4% during the fourth quarter. SageView Advisory Group LLC now owns 9,030 shares of the financial services provider’s stock worth $1,393,000 after acquiring an additional 5,023 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group 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 approximately $86,900,760.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $167.50, for a total transaction of $208,035.00. Following the completion of the sale, the chief executive officer now owns 563,395 shares of the company’s stock, valued at $94,368,662.50. 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 in the last three months. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $186.36 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $74.08 billion, a price-to-earnings ratio of 15.65, a P/E/G ratio of 2.00 and a beta of 1.14. The business’s 50-day moving average is $177.11 and its 200-day moving average is $162.90. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $187.78.

The PNC Financial Services Group (NYSE:PNC) last released 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 company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the firm earned $3.36 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a $1.60 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.43%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is 53.74%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PNC shares. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Keefe, Bruyette & Woods upped their price target on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group cut their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Finally, Citigroup lifted their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Two 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 has a consensus rating of “Hold” and an average price target of $176.90.

About The PNC Financial Services Group

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.