Norden Group LLC Raises Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Norden Group LLC grew its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 52.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 2,630 shares of the financial services provider’s stock after acquiring an additional 907 shares during the period. Norden Group LLC’s holdings in The PNC Financial Services Group were worth $425,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in the stock. Creative Planning boosted its position in shares of The PNC Financial Services Group by 17.9% in the 3rd quarter. Creative Planning now owns 59,227 shares of the financial services provider’s stock worth $7,271,000 after buying an additional 9,008 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of The PNC Financial Services Group by 7.6% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 13,755 shares of the financial services provider’s stock worth $1,689,000 after buying an additional 969 shares in the last quarter. Hudson Bay Capital Management LP boosted its position in shares of The PNC Financial Services Group by 39.2% in the 3rd quarter. Hudson Bay Capital Management LP now owns 83,500 shares of the financial services provider’s stock worth $10,251,000 after buying an additional 23,500 shares in the last quarter. Raleigh Capital Management Inc. boosted its position in shares of The PNC Financial Services Group by 0.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 14,898 shares of the financial services provider’s stock worth $1,829,000 after buying an additional 140 shares in the last quarter. Finally, Sunbelt Securities Inc. boosted its position in shares of The PNC Financial Services Group by 9.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,496 shares of the financial services provider’s stock worth $429,000 after buying an additional 292 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. UBS Group upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $165.00 to $179.00 in a research report on Monday. Bank of America boosted their target price on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. cut their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Finally, Keefe, Bruyette & Woods reissued an “underperform” rating and issued a $152.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $159.63.

Insider Activity

In other news, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the business’s stock in a transaction dated Tuesday, July 9th. The shares were 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 in the company, valued at $90,341,920. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares in the company, valued at $545,856.74. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,177 shares of company stock valued at $814,791. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $168.30 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $169.11. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a 50 day moving average of $155.92 and a 200-day moving average of $153.43. The stock has a market cap of $66.97 billion, a P/E ratio of 14.13, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, topping the consensus estimate of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same period last year, the company earned $3.98 earnings per share. On average, analysts expect that The PNC Financial Services Group, Inc. will post 12.65 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.80%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 52.06%.

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.