Aperio Group LLC Raises Stake in PNC Financial Services Group, Inc. (The) (PNC)

Aperio Group LLC increased its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 10.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 259,650 shares of the financial services provider’s stock after buying an additional 24,296 shares during the period. Aperio Group LLC owned 0.05% of PNC Financial Services Group, Inc. (The) worth $32,422,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Alpha Windward LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 129.8% in the second quarter. Alpha Windward LLC now owns 6,734 shares of the financial services provider’s stock worth $841,000 after buying an additional 3,803 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the second quarter. Louisiana State Employees Retirement System now owns 30,000 shares of the financial services provider’s stock worth $3,746,000 after buying an additional 100 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 7.9% in the second quarter. Nisa Investment Advisors LLC now owns 230,006 shares of the financial services provider’s stock worth $28,508,000 after buying an additional 16,800 shares during the last quarter. Bartlett & Co. LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 1.0% in the second quarter. Bartlett & Co. LLC now owns 13,611 shares of the financial services provider’s stock worth $1,700,000 after buying an additional 140 shares during the last quarter. Finally, LS Investment Advisors LLC increased its stake in shares of PNC Financial Services Group, Inc. (The) by 2.2% in the second quarter. LS Investment Advisors LLC now owns 17,351 shares of the financial services provider’s stock worth $2,167,000 after buying an additional 369 shares during the last quarter. 81.49% of the stock is owned by institutional investors and hedge funds.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 128.05 on Friday. PNC Financial Services Group, Inc. has a one year low of $84.97 and a one year high of $133.26. The stock has a market cap of $61.36 billion, a PE ratio of 16.30 and a beta of 0.93. The firm has a 50-day moving average of $127.20 and a 200-day moving average of $123.30.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The firm 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 firm’s revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 earnings per share. On average, equities research analysts expect that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were issued a $0.75 dividend. This is a boost from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 annualized dividend and a yield of 2.34%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is 38.12%.

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

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Several analysts have recently commented on PNC shares. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research note on Wednesday, June 14th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $133.00 price target for the company in a research note on Tuesday, May 23rd. Royal Bank Of Canada reiterated a “buy” rating and set a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Thursday, June 15th. BMO Capital Markets reissued a “buy” rating and set a $134.00 target price on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Finally, Rafferty Capital Markets raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) presently has a consensus rating of “Hold” and a consensus target price of $122.57.

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