Ironwood Investment Counsel LLC Buys Shares of 1,247 The PNC Financial Services Group, Inc. (NYSE:PNC)

Ironwood Investment Counsel LLC bought a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 1,247 shares of the financial services provider’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BKM Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $26,000. Tennessee Valley Asset Management Partners purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $26,000. Fortitude Family Office LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at approximately $28,000. Householder Group Estate & Retirement Specialist LLC grew its stake in shares of The PNC Financial Services Group by 350.0% in the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares during the last quarter. Finally, Palisade Asset Management LLC purchased a new position in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $29,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC traded up $1.64 during trading on Monday, reaching $177.15. The company had a trading volume of 1,435,146 shares, compared to its average volume of 1,923,820. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $180.97. The stock has a market capitalization of $70.49 billion, a PE ratio of 14.87, a price-to-earnings-growth ratio of 2.27 and a beta of 1.15. The stock has a 50-day moving average price of $158.41 and a two-hundred day moving average price of $154.43. The company has a current ratio of 0.83, a quick ratio of 0.85 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the firm posted $3.36 earnings per share. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 12.95 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be given a $1.60 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.61%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insider Activity

In other news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $176.67, for a total value of $219,424.14. Following the completion of the sale, the chief executive officer now directly owns 562,153 shares of the company’s stock, valued at approximately $99,315,570.51. The disclosure for this sale can be found here. Insiders sold a total of 7,661 shares of company stock valued at $1,242,250 over the last quarter. Company insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of several recent analyst reports. JPMorgan Chase & Co. reduced their price target on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Keefe, Bruyette & Woods raised their price target on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their price target for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Finally, Bank of America raised their price target on The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $175.34.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.