Quarry LP Acquires 170 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Quarry LP lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 141.7% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 290 shares of the financial services provider’s stock after purchasing an additional 170 shares during the period. Quarry LP’s holdings in The PNC Financial Services Group were worth $45,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. ORG Partners LLC grew its stake in The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Bank & Trust Co purchased a new stake in The PNC Financial Services Group during the second quarter valued at approximately $26,000. 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 acquired a new stake in The PNC Financial Services Group in the first quarter valued at approximately $29,000. Finally, Fortis Group Advisors LLC grew its holdings in The PNC Financial Services Group by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 100 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Up 2.2 %

Shares of PNC opened at $182.26 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $187.78. The company has a market capitalization of $72.52 billion, a price-to-earnings ratio of 15.30, a PEG ratio of 2.01 and a beta of 1.14. The stock’s 50-day moving average price is $178.13 and its 200-day moving average price is $165.18. 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 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 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 analyst estimates of $5.40 billion. During the same period in the previous year, the firm earned $3.36 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.51%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total value of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, July 19th. The shares were sold at an average price of $176.67, for a total transaction of $219,424.14. Following the completion of the transaction, the chief executive officer now directly owns 562,153 shares in the company, valued at approximately $99,315,570.51. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the completion of the sale, the chief executive officer now owns 564,637 shares in the company, valued at approximately $90,341,920. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,824 shares of company stock worth $4,580,223 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their price objective 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. Citigroup raised their price target 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. The Goldman Sachs Group cut their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. 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. Finally, Barclays boosted their target price on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $177.65.

The PNC Financial Services Group 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.