Resonant Capital Advisors LLC Acquires 333 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Resonant Capital Advisors LLC boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,986 shares of the financial services provider’s stock after purchasing an additional 333 shares during the quarter. Resonant Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $2,745,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PNC. AQR Capital Management LLC grew its stake in The PNC Financial Services Group by 144.2% in the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after acquiring an additional 67,490 shares during the period. Alps Advisors Inc. acquired a new stake in The PNC Financial Services Group in the third quarter valued at approximately $351,000. Scotia Capital Inc. grew its stake in The PNC Financial Services Group by 11.7% in the third quarter. Scotia Capital Inc. now owns 10,458 shares of the financial services provider’s stock valued at $1,284,000 after acquiring an additional 1,094 shares during the period. Schroder Investment Management Group grew its stake in The PNC Financial Services Group by 4.4% in the third quarter. Schroder Investment Management Group now owns 53,954 shares of the financial services provider’s stock valued at $6,624,000 after acquiring an additional 2,253 shares during the period. Finally, Riggs Asset Managment Co. Inc. boosted its position in shares of The PNC Financial Services Group by 17.5% during the third quarter. Riggs Asset Managment Co. Inc. now owns 638 shares of the financial services provider’s stock valued at $78,000 after buying an additional 95 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $86,900,760.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated 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 in the company, valued at approximately $86,900,760.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s 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 completion of the transaction, the executive vice president now owns 3,502 shares in the company, valued at $545,856.74. The disclosure for this sale can be found here. Insiders have sold 2,132 shares of company stock worth $328,809 in the last ninety days. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC traded down $1.28 during midday trading on Friday, reaching $156.51. 975,132 shares of the company traded hands, compared to its average volume of 1,361,496. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $162.24. The firm has a market capitalization of $62.28 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.25 and a beta of 1.15. The firm’s fifty day moving average price is $155.24 and its two-hundred day moving average price is $153.12.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. During the same period in the previous year, the company posted $3.98 EPS. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. On average, equities analysts expect that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be paid a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Jefferies Financial Group lifted their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. Finally, Bank of America boosted their price objective on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $158.56.

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.