Plato Investment Management Ltd Buys 7,909 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Plato Investment Management Ltd lifted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7,391.6% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 8,016 shares of the financial services provider’s stock after purchasing an additional 7,909 shares during the period. Plato Investment Management Ltd’s holdings in The PNC Financial Services Group were worth $1,295,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Tennessee Valley Asset Management Partners purchased a new position in shares of The PNC Financial Services Group in the fourth quarter valued at about $26,000. Palisade Asset Management LLC purchased a new position in The PNC Financial Services Group during the 1st quarter valued at about $29,000. Householder Group Estate & Retirement Specialist LLC raised its position in The PNC Financial Services Group by 350.0% during 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. Fortis Group Advisors LLC lifted its holdings in The PNC Financial Services Group by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after buying an additional 100 shares during the period. Finally, Core Wealth Advisors Inc. bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $31,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 2.8 %

The PNC Financial Services Group stock traded down $5.11 during trading hours on Thursday, hitting $175.99. The stock had a trading volume of 2,147,519 shares, compared to its average volume of 1,926,955. The stock’s 50-day moving average price is $161.35 and its 200-day moving average price is $155.70. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $182.84. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $70.03 billion, a P/E ratio of 15.21, a price-to-earnings-growth ratio of 2.34 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 EPS. Equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.02 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.64%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $180.48, for a total value of $224,156.16. Following the completion of the sale, the chief executive officer now directly owns 560,911 shares in the company, valued at $101,233,217.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $180.48, for a total transaction of $224,156.16. Following the transaction, the chief executive officer now owns 560,911 shares of the company’s stock, valued at approximately $101,233,217.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 8,903 shares of company stock worth $1,466,406. Company insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on PNC shares. UBS Group raised their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group boosted their price target on shares of The PNC Financial Services Group from $165.00 to $182.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, Barclays upped their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $176.09.

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.