Equity Investment Corp Grows Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Equity Investment Corp raised its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 688,379 shares of the financial services provider’s stock after purchasing an additional 5,847 shares during the period. The PNC Financial Services Group accounts for about 2.7% of Equity Investment Corp’s portfolio, making the stock its 14th largest position. Equity Investment Corp owned 0.17% of The PNC Financial Services Group worth $107,029,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of PNC. Capital International Investors raised its stake in The PNC Financial Services Group by 0.5% in 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 buying an additional 78,407 shares in the last quarter. Norges Bank purchased a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $1,039,481,000. Franklin Resources Inc. raised its position in shares of The PNC Financial Services Group by 165.4% in the 4th 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 lifted its stake in shares of The PNC Financial Services Group by 19.5% during 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 purchasing an additional 778,264 shares during the last quarter. Finally, Putnam Investments LLC boosted its position in The PNC Financial Services Group by 3.2% during the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock valued at $568,662,000 after purchasing an additional 114,960 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $177.60 on Friday. The company has a 50 day simple moving average of $174.75 and a two-hundred day simple moving average of $161.44. The stock has a market cap of $70.60 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 1.96 and a beta of 1.14. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $185.84.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.36 earnings per share. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.60%. The ex-dividend date was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Analyst Upgrades and Downgrades

PNC has been the subject of a number of recent research reports. Barclays boosted their target price on shares of 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. Royal Bank of Canada increased their target price on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Citigroup raised their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price target on 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. Finally, Evercore ISI raised their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $176.90.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold 25,263 shares of company stock valued at $4,418,109 in the last 90 days. 0.42% of the stock is currently owned by company insiders.

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.