Legal & General Group Plc Purchases 223,955 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Legal & General Group Plc boosted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,500,984 shares of the financial services provider’s stock after purchasing an additional 223,955 shares during the quarter. Legal & General Group Plc owned approximately 0.88% of The PNC Financial Services Group worth $544,335,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in PNC. Gilbert & Cook Inc. increased its holdings in The PNC Financial Services Group by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider’s stock worth $462,000 after buying an additional 107 shares during the period. Gryphon Financial Partners LLC acquired a new position in The PNC Financial Services Group in the 4th quarter worth approximately $228,000. Steward Partners Investment Advisory LLC increased its holdings in The PNC Financial Services Group by 9.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,364 shares of the financial services provider’s stock worth $1,140,000 after buying an additional 645 shares during the period. TD Asset Management Inc increased its holdings in The PNC Financial Services Group by 6.0% in the 4th quarter. TD Asset Management Inc now owns 172,924 shares of the financial services provider’s stock worth $26,777,000 after buying an additional 9,839 shares during the period. Finally, Avestar Capital LLC acquired a new position in The PNC Financial Services Group in the 4th quarter worth approximately $366,000. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PNC has been the topic of several recent research reports. Royal Bank of Canada upped their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Citigroup raised their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods raised their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Finally, Bank of America raised 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 research report on Thursday, August 15th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus target price of $176.90.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $183.11 on Friday. The firm has a market capitalization of $72.86 billion, a PE ratio of 15.37, a P/E/G ratio of 2.03 and a beta of 1.14. 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 business has a 50-day moving average of $177.92 and a two-hundred day moving average of $164.00. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $187.78.

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 (EPS) for the quarter, beating 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 analyst estimates of $5.40 billion. During the same quarter last year, the firm earned $3.36 earnings per share. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.50%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend 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 641 shares of the 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 transaction, the chief executive officer now owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the sale, the chief executive officer now directly owns 550,975 shares in the company, valued at approximately $102,729,288.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction 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 transaction, 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 90 days, insiders sold 25,223 shares of company stock valued at $4,453,360. 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.