Field & Main Bank Acquires New Shares in The PNC Financial Services Group, Inc $PNC

Field & Main Bank bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the second quarter, HoldingsChannel.com reports. The firm bought 4,890 shares of the financial services provider’s stock, valued at approximately $1,204,000.

Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $7,921,455,000. State Street Corp lifted its stake in The PNC Financial Services Group by 0.4% in the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock valued at $3,615,085,000 after purchasing an additional 77,302 shares during the last quarter. Capital International Investors lifted its stake in The PNC Financial Services Group by 10.2% in the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC grew its stake in shares of The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock worth $1,841,387,000 after buying an additional 30,078 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $242.24 on Friday. The company has a market capitalization of $96.64 billion, a price-to-earnings ratio of 13.33, a PEG ratio of 0.97 and a beta of 0.91. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96. The stock has a fifty day simple moving average of $249.40 and a 200 day simple moving average of $229.61. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period in the previous year, the business earned $3.85 EPS. The business’s quarterly revenue was up 21.4% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Monday, July 20th. The PNC Financial Services Group’s payout ratio is presently 44.03%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PNC. Deutsche Bank Aktiengesellschaft downgraded shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 price target for the company. in a report on Thursday, July 23rd. Oppenheimer boosted their price objective on The PNC Financial Services Group from $271.00 to $281.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling

In related news, EVP Michael Duane Thomas sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,654 shares of company stock valued at $1,627,011 over the last ninety days. 0.38% of the stock is owned by company insiders.

The PNC Financial Services Group Profile

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.