Kimelman & Baird LLC Purchases New Stake in PNC Financial Services Group, Inc. (The) (PNC)

Kimelman & Baird LLC acquired a new position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the first quarter, according to its most recent disclosure with the SEC. The firm acquired 78,765 shares of the financial services provider’s stock, valued at approximately $9,471,000. PNC Financial Services Group, Inc. (The) accounts for 1.4% of Kimelman & Baird LLC’s holdings, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. First Interstate Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after buying an additional 243 shares in the last quarter. Ledyard National Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock worth $142,000 after buying an additional 995 shares in the last quarter. Pinnacle Bank purchased a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth approximately $157,000. Quadrant Capital Group LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock worth $162,000 after buying an additional 39 shares in the last quarter. Finally, Jacobus Wealth Management Inc. raised its stake in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the period. 82.12% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.15% during midday trading on Friday, hitting $127.11. The stock had a trading volume of 1,511,657 shares. PNC Financial Services Group, Inc. has a 1-year low of $85.09 and a 1-year high of $133.26. The stock has a market cap of $60.91 billion, a price-to-earnings ratio of 16.18 and a beta of 0.93. The firm’s 50-day moving average price is $128.23 and its 200-day moving average price is $123.60.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the business earned $1.82 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts forecast that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

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

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

ILLEGAL ACTIVITY NOTICE: This article was first published by Community Financial News and is the sole property of of Community Financial News. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of international copyright laws. The original version of this article can be accessed at https://www.com-unik.info/2017/08/19/kimelman-baird-llc-acquires-new-stake-in-pnc-financial-services-group-inc-the-pnc-updated.html.

Several research firms have recently issued reports on PNC. Zacks Investment Research raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 target price on the stock in a report on Friday, July 28th. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 target price on PNC Financial Services Group, Inc. (The) and gave the stock a “hold” rating in a report on Friday, May 19th. Instinet reissued a “neutral” rating and set a $126.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Finally, Nomura increased their target price on PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of the company’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 approximately $10,613,074.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.

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.

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

What are top analysts saying about PNC Financial Services Group Inc. (The)? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for PNC Financial Services Group Inc. (The) and related companies.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit