Meiji Yasuda Asset Management Co Ltd. Has $2.08 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 13,387 shares of the financial services provider’s stock after acquiring an additional 908 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in The PNC Financial Services Group were worth $2,081,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Capital International Investors increased its position in The PNC Financial Services Group by 14.4% in the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after buying an additional 1,978,854 shares during the period. Capital Research Global Investors increased its position in The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after buying an additional 778,264 shares during the period. Public Employees Retirement Association of Colorado increased its position in The PNC Financial Services Group by 4,040.9% in the 4th quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock worth $62,878,000 after buying an additional 396,252 shares during the period. Jennison Associates LLC increased its position in The PNC Financial Services Group by 38.4% in the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock worth $169,891,000 after buying an additional 291,769 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in The PNC Financial Services Group by 448.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 269,206 shares of the financial services provider’s stock worth $41,856,000 after buying an additional 220,110 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,622 shares of company stock valued at $4,319,914. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $187.16 on Friday. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The firm has a market cap of $74.47 billion, a P/E ratio of 15.71, a P/E/G ratio of 1.97 and a beta of 1.14. The business’s fifty day moving average is $176.75 and its two-hundred day moving average is $162.68. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $187.78.

The PNC Financial Services Group (NYSE:PNC) last posted 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 company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.36 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal 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 paid a $1.60 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.42%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Wall Street Analysts Forecast Growth

PNC has been the topic of several recent analyst reports. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Royal Bank of Canada boosted their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price 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.