Rakuten Investment Management Inc. Invests $16.21 Million in The PNC Financial Services Group, Inc $PNC

Rakuten Investment Management Inc. acquired a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) during the 2nd quarter, Holdings Channel reports. The institutional investor acquired 65,706 shares of the financial services provider’s stock, valued at approximately $16,212,000.

Other hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new stake in The PNC Financial Services Group during the 3rd quarter valued at $25,000. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at $28,000. Modus Advisors LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $29,000. Finally, Financial Life Planners bought a new position in shares of The PNC Financial Services Group in the first quarter valued at about $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction 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 transaction, the executive vice president directly owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 6,654 shares of company stock valued at $1,627,011. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of a number of research analyst reports. 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 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 company an “equal weight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $264.50 to $269.50 and gave the stock an “overweight” rating in a research note on Wednesday, July 29th. Barclays lifted their price target on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a report on Thursday, July 16th. Finally, Citigroup upped their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $265.73.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $242.24 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm has a market capitalization of $96.64 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.97 and a beta of 0.91. The firm’s 50 day simple moving average is $249.40 and its 200 day simple moving average is $229.61. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion for the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The business’s revenue for the quarter was up 21.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.85 earnings per share. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

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.