ProShare Advisors LLC Boosts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

ProShare Advisors LLC lifted its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.8% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 80,785 shares of the financial services provider’s stock after purchasing an additional 3,682 shares during the quarter. ProShare Advisors LLC’s holdings in The PNC Financial Services Group were worth $12,560,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Capital International Investors lifted its position in The PNC Financial Services Group by 14.4% during the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after buying an additional 1,978,854 shares during the period. Capital Research Global Investors grew its holdings in The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after purchasing an additional 778,264 shares during the period. Public Employees Retirement Association of Colorado increased its stake in shares of The PNC Financial Services Group by 4,040.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock valued at $62,878,000 after purchasing an additional 396,252 shares in the last quarter. Jennison Associates LLC increased its stake in shares of The PNC Financial Services Group by 38.4% during the first quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after purchasing an additional 291,769 shares in the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after purchasing an additional 262,654 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Down 0.7 %

Shares of NYSE:PNC opened at $185.09 on Tuesday. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $187.78. The stock has a market capitalization of $73.65 billion, a price-to-earnings ratio of 15.54, a PEG ratio of 2.00 and a beta of 1.14. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The stock’s 50-day simple moving average is $177.43 and its two-hundred day simple moving average is $163.29.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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 firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.36 earnings per share. Analysts expect that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a dividend of $1.60 per share. The ex-dividend date was Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.46%. The PNC Financial Services Group’s payout ratio is 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $158.10, for a total value of $101,342.10. Following the transaction, the chief executive officer now owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total value of $384,640.00. Following the completion of the transaction, the chief executive officer now owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 641 shares of the firm’s 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 directly owns 567,041 shares in the company, valued at $89,649,182.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,864 shares of company stock valued at $4,551,485. Company insiders own 0.42% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price objective for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Wells Fargo & Company upped their target price 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, Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average 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.