Meritage Portfolio Management Acquires 6,440 Shares of The PNC Financial Services Group, Inc $PNC

Meritage Portfolio Management boosted its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 24.1% during the third quarter, Holdings Channel.com reports. The fund owned 33,191 shares of the financial services provider’s stock after buying an additional 6,440 shares during the quarter. Meritage Portfolio Management’s holdings in The PNC Financial Services Group were worth $6,669,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PNC. Stephens Inc. AR boosted its position in shares of The PNC Financial Services Group by 15.9% during the 3rd quarter. Stephens Inc. AR now owns 77,286 shares of the financial services provider’s stock valued at $15,707,000 after acquiring an additional 10,624 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at $135,000. Kera Capital Partners Inc. grew its stake in shares of The PNC Financial Services Group by 29.7% during the third quarter. Kera Capital Partners Inc. now owns 4,108 shares of the financial services provider’s stock valued at $825,000 after buying an additional 940 shares during the last quarter. Retirement Planning Group LLC purchased a new position in The PNC Financial Services Group during the 3rd quarter valued at about $1,124,000. Finally, Exencial Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the 3rd quarter worth about $205,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.2%

NYSE PNC opened at $212.07 on Thursday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $220.54. The firm has a market capitalization of $83.16 billion, a price-to-earnings ratio of 13.70, a PEG ratio of 0.91 and a beta of 0.99. The company has a fifty day moving average of $201.26 and a two-hundred day moving average of $196.88.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter last year, the business earned $3.49 EPS. The business’s revenue was up 8.9% on a year-over-year basis. On average, analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 5th. Investors of record on Tuesday, January 20th will be paid a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 43.93%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction on Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at $5,110,824.95. This represents a 3.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the completion of the sale, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PNC. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. UBS Group boosted their target price on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Evercore ISI lifted their price objective on The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. Barclays increased their price target on The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Finally, TD Cowen lifted their target price on The PNC Financial Services Group from $235.00 to $250.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $222.06.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.