NewEdge Advisors LLC Raises Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

NewEdge Advisors LLC increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 31.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,794 shares of the financial services provider’s stock after purchasing an additional 7,765 shares during the quarter. NewEdge Advisors LLC’s holdings in The PNC Financial Services Group were worth $5,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ORG Partners LLC lifted its stake in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 110 shares during the period. Bank & Trust Co purchased a new stake in The PNC Financial Services Group in the second quarter worth approximately $26,000. LRI Investments LLC bought a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at $29,000. Finally, Fortis Group Advisors LLC lifted its holdings in shares of The PNC Financial Services Group by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock valued at $31,000 after buying an additional 100 shares during the period. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on PNC shares. Compass Point lowered The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Jefferies Financial Group upped their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Citigroup increased their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group dropped their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $176.90.

The PNC Financial Services Group Trading Down 2.7 %

Shares of PNC opened at $179.95 on Wednesday. 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 simple moving average of $178.10 and a two-hundred day simple moving average of $164.65. 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 firm has a market cap of $71.60 billion, a P/E ratio of 15.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.30. The company 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 PNC Financial Services Group’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the company posted $3.36 earnings per share. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current fiscal year.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $158.10, for a total transaction of $101,342.10. Following the completion of the transaction, the chief executive officer now owns 567,041 shares in the company, valued at approximately $89,649,182.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the transaction, the president now owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $89,649,182.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,465 shares of company stock valued at $4,681,565. 0.42% of the stock is currently owned by insiders.

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.