Lake Street Advisors Group LLC Purchases 1,159 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Lake Street Advisors Group LLC boosted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,126 shares of the financial services provider’s stock after buying an additional 1,159 shares during the quarter. Lake Street Advisors Group LLC’s holdings in The PNC Financial Services Group were worth $1,798,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Capital International Investors raised its stake in shares of The PNC Financial Services Group by 14.4% during the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after acquiring an additional 1,978,854 shares during the last quarter. Norges Bank acquired a new position in The PNC Financial Services Group during the 4th quarter worth about $1,039,481,000. Franklin Resources Inc. grew 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 valued at $756,957,000 after buying an additional 3,046,226 shares during the last quarter. Capital Research Global Investors increased its stake in shares of The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after buying an additional 778,264 shares during the period. Finally, Putnam Investments LLC raised its position in shares of 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 worth $568,662,000 after acquiring an additional 114,960 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares in the company, valued at approximately $545,856.74. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other 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 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 Securities & Exchange Commission, which is available through the SEC website. Also, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at $545,856.74. 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 in the last three months. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Down 0.7 %

NYSE PNC traded down $1.22 on Wednesday, reaching $177.40. The company had a trading volume of 2,678,089 shares, compared to its average volume of 1,929,593. 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 company’s fifty day moving average is $159.11 and its 200 day moving average is $154.75. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $180.97. The stock has a market capitalization of $70.59 billion, a P/E ratio of 14.90, a P/E/G ratio of 2.28 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last announced its 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 PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the company posted $3.36 earnings per share. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company 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. 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 dividend yield of 3.61%. The ex-dividend date of this dividend is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PNC. Royal Bank of Canada upped their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Bank of America upped their price objective on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Citigroup lifted their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Finally, Evercore ISI lifted 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 research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $175.34.

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.