Balentine LLC Has $376,000 Stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC)

Balentine LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 16.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,127 shares of the financial services provider’s stock after buying an additional 431 shares during the period. Balentine LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $376,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the stock. Ropes Wealth Advisors LLC raised its stake in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Ropes Wealth Advisors LLC now owns 1,849 shares of the financial services provider’s stock worth $222,000 after buying an additional 8 shares during the last quarter. Pinnacle Advisory Group Inc. raised its stake in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Pinnacle Advisory Group Inc. now owns 2,773 shares of the financial services provider’s stock worth $333,000 after buying an additional 12 shares during the last quarter. VNBTrust National Association raised its stake in PNC Financial Services Group, Inc. (The) by 0.6% in the first quarter. VNBTrust National Association now owns 2,486 shares of the financial services provider’s stock worth $299,000 after buying an additional 15 shares during the last quarter. Bronfman E.L. Rothschild L.P. raised its stake in PNC Financial Services Group, Inc. (The) by 0.4% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 6,018 shares of the financial services provider’s stock worth $724,000 after buying an additional 22 shares during the last quarter. Finally, Boys Arnold & Co. Inc. raised its stake in PNC Financial Services Group, Inc. (The) by 0.8% in the first quarter. Boys Arnold & Co. Inc. now owns 4,300 shares of the financial services provider’s stock worth $517,000 after buying an additional 33 shares during the last quarter. 81.49% of the stock is currently owned by institutional investors.

PNC Financial Services Group, Inc. (NYSE PNC) opened at 128.05 on Friday. PNC Financial Services Group, Inc. has a 12 month low of $84.97 and a 12 month high of $133.26. The company has a market capitalization of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93. The firm’s 50-day moving average is $127.20 and its 200-day moving average is $123.30.

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

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has authorized a share buyback plan on Wednesday, June 28th that permits the company to repurchase $2.70 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a yield of 2.34%. This is an increase 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%.

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A number of brokerages have recently issued reports on PNC. Zacks Investment Research upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 price target on the stock in a research report on Friday, July 28th. BidaskClub upgraded shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 target price on shares of PNC Financial Services Group, Inc. (The) and gave the company a “hold” rating in a research report on Friday, May 19th. Instinet restated a “neutral” rating and set a $126.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, July 12th. Finally, Nomura upped 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. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction 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 completion of the sale, the insider now owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is owned by insiders.

About PNC Financial Services Group, Inc. (The)

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.

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

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