PNC Financial Services Group, Inc. (The) (PNC) Shares Sold by Jag Capital Management LLC

Jag Capital Management LLC cut its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 2.2% during the second quarter, according to its most recent filing with the SEC. The firm owned 16,480 shares of the financial services provider’s stock after selling 376 shares during the period. Jag Capital Management LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $2,058,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. First Interstate Bank boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after buying an additional 243 shares during the last quarter. Ledyard National Bank boosted its position in PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares in the last quarter. Pinnacle Bank bought a new position in PNC Financial Services Group, Inc. (The) during the first quarter valued at $157,000. Quadrant Capital Group LLC boosted its position in PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares in the last quarter. Finally, Jacobus Wealth Management Inc. boosted its position in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares in the last quarter. 81.49% of the stock is currently owned by institutional investors.

PNC Financial Services Group, Inc. (PNC) traded down 1.31% during mid-day trading on Thursday, hitting $130.01. 1,331,598 shares of the company traded hands. The firm has a market capitalization of $62.30 billion, a P/E ratio of 16.54 and a beta of 0.93. The firm has a 50 day moving average of $126.80 and a 200 day moving average of $123.18. PNC Financial Services Group, Inc. has a one year low of $84.60 and a one year high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations 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%. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.82 earnings per share. Equities research analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.

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

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has approved a stock repurchase plan on Wednesday, June 28th that permits the company to buyback $2.70 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

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Several research firms have weighed in on PNC. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 price target on the stock in a report on Friday, July 28th. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 price target on shares of PNC Financial Services Group, Inc. (The) and gave the company a “hold” rating in a report on Friday, May 19th. Instinet reissued a “neutral” rating and issued a $126.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Finally, Nomura increased their price target on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the company a “neutral” rating in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $122.57.

In related news, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. 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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