Prospector Partners LLC Boosts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Prospector Partners LLC boosted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 77,350 shares of the financial services provider’s stock after purchasing an additional 650 shares during the quarter. The PNC Financial Services Group comprises about 1.3% of Prospector Partners LLC’s investment portfolio, making the stock its 24th largest position. Prospector Partners LLC’s holdings in The PNC Financial Services Group were worth $12,026,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PNC. Bank & Trust Co purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $26,000. ORG Partners LLC increased its stake in The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 110 shares during the last quarter. LRI Investments LLC purchased a new stake in The PNC Financial Services Group during the first quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $29,000. Finally, Core Wealth Advisors Inc. purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth approximately $31,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.4 %

NYSE: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 PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $187.78. The company has a 50-day moving average of $177.11 and a 200 day moving average of $162.96. The firm has a market cap of $74.08 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 2.00 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter in the prior year, the company earned $3.36 EPS. The company’s revenue was up 2.2% compared to the same quarter last year. As a group, research analysts anticipate 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 business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.43%. The ex-dividend date was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $167.50, for a total value of $208,035.00. Following the sale, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The stock was 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 of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,622 shares of company stock worth $4,319,914. 0.42% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of several recent research reports. Citigroup increased their price target on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. The Goldman Sachs Group lowered their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. 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. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI upped 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 note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.