Candriam S.C.A. Acquires 77,286 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Candriam S.C.A. lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 55.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 217,664 shares of the financial services provider’s stock after acquiring an additional 77,286 shares during the quarter. Candriam S.C.A. owned approximately 0.05% of The PNC Financial Services Group worth $33,841,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PNC. V Square Quantitative Management LLC increased its holdings in shares of The PNC Financial Services Group by 23.3% during the first quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock worth $1,371,000 after purchasing an additional 1,604 shares during the period. Grayhawk Investment Strategies Inc. bought a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,200,000. Envestnet Asset Management Inc. boosted its position in The PNC Financial Services Group by 0.4% during the 4th quarter. Envestnet Asset Management Inc. now owns 1,548,543 shares of the financial services provider’s stock worth $239,792,000 after buying an additional 6,657 shares during the period. Groupama Asset Managment acquired a new position in shares of The PNC Financial Services Group during the fourth quarter worth $23,578,000. Finally, Integrated Advisors Network LLC grew its position in shares of The PNC Financial Services Group by 7.3% in the 4th quarter. Integrated Advisors Network LLC now owns 2,182 shares of the financial services provider’s stock valued at $338,000 after buying an additional 148 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Down 2.3 %

Shares of NYSE PNC opened at $176.70 on Friday. The business has a 50-day simple moving average of $173.04 and a two-hundred day simple moving average of $160.53. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $185.84. The company has a market cap of $70.24 billion, a P/E ratio of 14.84, a P/E/G ratio of 2.05 and a beta of 1.14. 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.36 earnings per share. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were given a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.62%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Insiders Place Their Bets

In other news, President Michael P. Lyons sold 11,000 shares of the business’s 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 completion of the sale, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, President Michael P. Lyons sold 11,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Insiders sold a total of 25,263 shares of company stock valued at $4,418,109 over the last 90 days. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Barclays upped their price target on shares of 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. Morgan Stanley raised their price objective on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. The Goldman Sachs Group lifted their target price on 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. Wells Fargo & Company upped their price objective 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. Finally, UBS Group upped their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $177.02.

The PNC Financial Services Group 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.