Foresight Capital Management Advisors Inc. Has $2.30 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Foresight Capital Management Advisors Inc. boosted its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.0% in the second quarter, HoldingsChannel reports. The firm owned 14,809 shares of the financial services provider’s stock after buying an additional 966 shares during the period. Foresight Capital Management Advisors Inc.’s holdings in The PNC Financial Services Group were worth $2,303,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital International Investors raised its position in shares of The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after purchasing an additional 78,407 shares during the period. Norges Bank acquired a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $1,039,481,000. Franklin Resources Inc. increased its position in shares of The PNC Financial Services Group by 165.4% during the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock worth $756,957,000 after acquiring an additional 3,046,226 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of The PNC Financial Services Group by 19.5% in the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after acquiring an additional 778,264 shares during the last quarter. Finally, Putnam Investments LLC lifted its position in The PNC Financial Services Group by 3.2% in the 4th quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock valued at $568,662,000 after acquiring an additional 114,960 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on PNC. Morgan Stanley boosted their price objective on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Barclays increased their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group lifted their price objective on shares of The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. JPMorgan Chase & Co. lowered their target price on shares of 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. Finally, Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $176.09.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $173.82, for a total value of $215,884.44. Following the completion of the transaction, the chief executive officer now directly owns 559,669 shares of the company’s stock, valued at $97,281,665.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $173.82, for a total transaction of $215,884.44. Following the completion of the transaction, the chief executive officer now directly owns 559,669 shares in the company, valued at approximately $97,281,665.58. The disclosure for this sale can be found here. Insiders have sold a total of 20,295 shares of company stock worth $3,547,181 over the last 90 days. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC traded up $3.48 during mid-day trading on Thursday, hitting $170.23. The stock had a trading volume of 1,497,309 shares, compared to its average volume of 1,939,741. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $182.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The business has a fifty day moving average price of $163.33 and a 200-day moving average price of $156.53. The firm has a market cap of $67.74 billion, a P/E ratio of 14.29, a PEG ratio of 2.26 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% compared to the same quarter last year. During the same period in the previous year, the business posted $3.36 EPS. On average, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.02 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.76%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

About The PNC Financial Services Group

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.