Daiwa Securities Group Inc. Acquires 4,100 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Daiwa Securities Group Inc. boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 10.4% during the second quarter, HoldingsChannel.com reports. The fund owned 43,376 shares of the financial services provider’s stock after purchasing an additional 4,100 shares during the period. Daiwa Securities Group Inc.’s holdings in The PNC Financial Services Group were worth $6,744,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PNC. Exane Asset Management grew its stake in shares of The PNC Financial Services Group by 111.8% in the 2nd quarter. Exane Asset Management now owns 120,769 shares of the financial services provider’s stock valued at $18,777,000 after purchasing an additional 63,739 shares during the period. Davis Selected Advisers boosted its stake in The PNC Financial Services Group by 2.2% in the 2nd quarter. Davis Selected Advisers now owns 510,360 shares of the financial services provider’s stock valued at $79,351,000 after buying an additional 11,040 shares in the last quarter. Choreo LLC grew its position in The PNC Financial Services Group by 77.2% in the second quarter. Choreo LLC now owns 16,010 shares of the financial services provider’s stock valued at $2,499,000 after acquiring an additional 6,977 shares during the period. Wedbush Securities Inc. raised its stake in The PNC Financial Services Group by 9.1% during the second quarter. Wedbush Securities Inc. now owns 7,167 shares of the financial services provider’s stock worth $1,114,000 after acquiring an additional 597 shares in the last quarter. Finally, Quest Partners LLC lifted its holdings in shares of The PNC Financial Services Group by 134,987.5% during the second quarter. Quest Partners LLC now owns 10,807 shares of the financial services provider’s stock valued at $1,680,000 after acquiring an additional 10,799 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the sale, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at approximately $101,604,582.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of the firm’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 sale, the chief executive officer now owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 25,263 shares of company stock worth $4,418,109. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.9 %

Shares of NYSE PNC opened at $177.12 on Thursday. The company’s 50 day simple moving average is $174.35 and its 200 day simple moving average is $161.33. 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 fifty-two week low of $109.40 and a fifty-two week high of $185.84. The firm has a market capitalization of $70.41 billion, a P/E ratio of 14.87, a P/E/G ratio of 1.96 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the firm earned $3.36 earnings per share. The firm’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts predict that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.61%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNC. Jefferies Financial Group increased their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Citigroup increased their price target on 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. Morgan Stanley lifted their price objective on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. Finally, UBS Group increased their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a 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 has a consensus rating of “Hold” and a consensus price target of $176.90.

The PNC Financial Services Group Company 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.