PNC Financial Services Group, Inc. (The) (PNC) Position Held by Mount Vernon Associates Inc. MD

Mount Vernon Associates Inc. MD continued to hold its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,900 shares of the financial services provider’s stock at the end of the second quarter. Mount Vernon Associates Inc. MD’s holdings in PNC Financial Services Group, Inc. (The) were worth $237,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. raised its stake 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 stake 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 stake 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 stake 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 stake 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. 82.12% of the stock is currently owned by hedge funds and other institutional investors.

PNC Financial Services Group, Inc. (PNC) traded up 0.18% during midday trading on Friday, hitting $127.53. The stock had a trading volume of 586,709 shares. The company has a 50-day moving average of $128.18 and a 200-day moving average of $123.56. The stock has a market cap of $61.11 billion, a price-to-earnings ratio of 16.23 and a beta of 0.93. PNC Financial Services Group, Inc. has a 1-year low of $84.60 and a 1-year high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $3.97 billion. During the same period in the prior year, the company earned $1.82 EPS. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. Equities research analysts forecast that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Monday, July 17th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.36%. 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. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

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

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PNC has been the topic of a number of research analyst reports. Instinet lowered their target price on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating on the stock in a report on Friday, June 30th. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $136.00 price objective for the company in a research report on Tuesday, May 30th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a research report on Wednesday, June 14th. BMO Capital Markets reiterated a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research report on Friday, June 23rd. Finally, Wells Fargo & Company started coverage on PNC Financial Services Group, Inc. (The) in a research report on Wednesday, August 9th. They issued a “market perform” rating and a $119.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $122.57.

In other news, insider Wyk Steven C. Van sold 5,000 shares of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of 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 transaction, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate 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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