PNC Financial Services Group, Inc. (The) (PNC) Position Raised by Lederer & Associates Investment Counsel CA

Lederer & Associates Investment Counsel CA raised its position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 19.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,725 shares of the financial services provider’s stock after buying an additional 445 shares during the period. Lederer & Associates Investment Counsel CA’s holdings in PNC Financial Services Group, Inc. (The) were worth $340,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. grew its stake in shares of 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 acquiring an additional 26,208,815 shares during the period. FMR LLC grew its position in PNC Financial Services Group, Inc. (The) by 19.4% during the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock valued at $1,654,586,000 after buying an additional 2,239,716 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in PNC Financial Services Group, Inc. (The) by 0.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock valued at $1,114,478,000 after purchasing an additional 59,832 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in PNC Financial Services Group, Inc. (The) by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock valued at $715,638,000 after purchasing an additional 69,815 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in PNC Financial Services Group, Inc. (The) by 8.5% during the first quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock valued at $548,698,000 after purchasing an additional 357,192 shares in the last quarter. 81.17% of the stock is owned by hedge funds and other institutional investors.

PNC Financial Services Group, Inc. (NYSE:PNC) traded down 2.25% during mid-day trading on Tuesday, reaching $123.79. The company’s stock had a trading volume of 2,913,037 shares. PNC Financial Services Group, Inc. has a 1-year low of $87.04 and a 1-year high of $133.26. The firm has a 50 day moving average price of $128.29 and a 200-day moving average price of $123.96. The company has a market capitalization of $59.32 billion, a PE ratio of 15.75 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the 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 business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.97 billion. During the same quarter in the previous year, the firm earned $1.82 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. On average, equities analysts predict that PNC Financial Services Group, Inc. will post $8.38 EPS for the current fiscal year.

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

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.42%. The ex-dividend date was Thursday, July 13th. 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 has been the topic of several research reports. BidaskClub cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Saturday, June 24th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research note on Sunday, August 27th. 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 Monday, May 22nd. Credit Suisse Group reissued a “neutral” rating and set a $126.00 price target (up from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a research report on Monday, July 17th. 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 investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $122.97.

In other 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 value of $3,048,835.95. Following the sale, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the business’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 insiders.

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PNC Financial Services Group, Inc. (The) 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)

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