Clearbridge Investments LLC Increases Position in PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Clearbridge Investments LLC increased its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 13,024.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 202,247 shares of the financial services provider’s stock after buying an additional 200,706 shares during the period. Clearbridge Investments LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $24,318,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BlackRock Inc. raised its position in PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock worth $3,262,582,000 after buying an additional 26,208,815 shares during the period. FMR LLC raised its position in PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock worth $1,654,586,000 after buying an additional 2,239,716 shares during the period. Massachusetts Financial Services Co. MA raised its position in PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock worth $1,114,478,000 after buying an additional 59,832 shares during the period. Bank of New York Mellon Corp raised its position in PNC Financial Services Group, Inc. (The) by 1.2% in the first quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock worth $715,638,000 after buying an additional 69,815 shares during the period. Finally, Geode Capital Management LLC raised its position in PNC Financial Services Group, Inc. (The) by 8.5% in the first quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock worth $548,698,000 after buying an additional 357,192 shares during the period. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.79% during mid-day trading on Friday, reaching $127.97. 1,630,874 shares of the company traded hands. The stock has a market capitalization of $61.32 billion, a PE ratio of 16.29 and a beta of 0.93. The stock has a 50-day moving average of $126.99 and a 200 day moving average of $123.22. PNC Financial Services Group, Inc. has a 52-week low of $84.60 and a 52-week high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The company had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The business’s revenue was up 7.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.82 EPS. Equities research analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 annualized dividend and a dividend yield of 2.33%. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. PNC Financial Services Group, Inc. (The)’s payout ratio is currently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its Board of Directors has initiated a stock buyback program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

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A number of research firms have weighed in on PNC. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. BidaskClub raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $129.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, July 14th. Nomura raised their target price on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a research note on Monday, July 17th. Finally, Instinet reissued a “neutral” rating and issued a $126.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $122.57.

In other news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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