Palisades Hudson Asset Management L.P. Holds Stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Palisades Hudson Asset Management L.P. held its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,472 shares of the financial services provider’s stock at the end of the first quarter. PNC Financial Services Group, Inc. (The) accounts for approximately 0.3% of Palisades Hudson Asset Management L.P.’s portfolio, making the stock its 27th largest position. Palisades Hudson Asset Management L.P.’s holdings in PNC Financial Services Group, Inc. (The) were worth $538,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. BlackRock Inc. boosted its position in shares of PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock valued at $3,262,582,000 after buying an additional 26,208,815 shares during the last quarter. FMR LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock valued at $1,654,586,000 after buying an additional 2,239,716 shares during the last quarter. APG Asset Management N.V. boosted its position in shares of PNC Financial Services Group, Inc. (The) by 275.3% in the first quarter. APG Asset Management N.V. now owns 1,626,728 shares of the financial services provider’s stock valued at $195,598,000 after buying an additional 1,193,335 shares during the last quarter. First Trust Advisors LP boosted its position in shares of PNC Financial Services Group, Inc. (The) by 272.1% in the first quarter. First Trust Advisors LP now owns 855,203 shares of the financial services provider’s stock valued at $102,830,000 after buying an additional 625,372 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in shares of PNC Financial Services Group, Inc. (The) by 518.1% in the first quarter. Janus Capital Management LLC now owns 504,933 shares of the financial services provider’s stock valued at $60,713,000 after buying an additional 423,245 shares during the last quarter. Institutional investors own 81.49% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 1.595% during trading on Thursday, hitting $129.629. 891,230 shares of the stock traded hands. The stock has a 50 day moving average price of $126.80 and a 200-day moving average price of $123.18. PNC Financial Services Group, Inc. has a 1-year low of $84.60 and a 1-year high of $133.26. The stock has a market cap of $62.12 billion, a price-to-earnings ratio of 16.496 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The firm’s quarterly revenue was up 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.82 EPS. Equities analysts forecast that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a share buyback plan on Wednesday, June 28th that permits the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were issued a $0.75 dividend. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s payout ratio is 38.12%.

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PNC has been the subject of several recent research reports. Hilliard Lyons upgraded shares of PNC Financial Services Group, Inc. (The) from an “underperform” rating to a “hold” rating and reduced their target price for the stock from $127.00 to $123.00 in a report on Monday, April 17th. Rafferty Capital Markets cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 target price for the company. in a report on Monday, April 17th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, April 17th. Piper Jaffray Companies reduced their target price on shares of PNC Financial Services Group, Inc. (The) from $136.00 to $135.00 and set an “overweight” rating for the company in a report on Tuesday, April 18th. Finally, Instinet increased their target price on shares of PNC Financial Services Group, Inc. (The) from $121.00 to $127.00 and gave the stock a “neutral” rating in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of “Hold” and a consensus target price of $122.57.

In related news, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now owns 83,931 shares in the company, valued at $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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