Acadian Asset Management LLC Grows Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Acadian Asset Management LLC raised its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 8,316.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,487 shares of the financial services provider’s stock after buying an additional 15,303 shares during the period. Acadian Asset Management LLC’s holdings in The PNC Financial Services Group were worth $2,406,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Strategic Financial Concepts LLC purchased a new position in shares of The PNC Financial Services Group during the second quarter worth $85,000. Umpqua Bank boosted its position in shares of The PNC Financial Services Group by 5.7% during the second quarter. Umpqua Bank now owns 10,802 shares of the financial services provider’s stock worth $1,679,000 after buying an additional 578 shares during the period. Great Lakes Advisors LLC boosted its position in shares of The PNC Financial Services Group by 1.7% during the second quarter. Great Lakes Advisors LLC now owns 143,091 shares of the financial services provider’s stock worth $22,248,000 after buying an additional 2,440 shares during the period. Illinois Municipal Retirement Fund boosted its position in shares of The PNC Financial Services Group by 486.3% during the second quarter. Illinois Municipal Retirement Fund now owns 76,640 shares of the financial services provider’s stock worth $11,916,000 after buying an additional 63,568 shares during the period. Finally, Los Angeles Capital Management LLC boosted its position in shares of The PNC Financial Services Group by 558.7% during the second quarter. Los Angeles Capital Management LLC now owns 84,898 shares of the financial services provider’s stock worth $13,200,000 after buying an additional 72,010 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. UBS Group lifted their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Evercore ISI lifted their target price on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Citigroup lifted their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Royal Bank of Canada lifted their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $176.90.

The PNC Financial Services Group Trading Down 0.2 %

NYSE:PNC opened at $177.24 on Friday. 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, Inc. has a 52-week low of $109.40 and a 52-week high of $185.84. The stock’s 50 day moving average price is $175.16 and its 200 day moving average price is $161.66. The company has a market capitalization of $70.45 billion, a PE ratio of 14.88, a P/E/G ratio of 1.96 and a beta of 1.14.

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 for 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 company’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.36 EPS. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a dividend of $1.60 per share. 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 3.61%. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 directly owns 564,637 shares in the company, valued at approximately $90,341,920. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,263 shares of company stock valued at $4,418,109. Insiders own 0.42% of the company’s stock.

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.