FDx Advisors Inc. Purchases 1,509 Shares of PNC Financial Services Group Inc (PNC)

FDx Advisors Inc. grew its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 26.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,171 shares of the financial services provider’s stock after acquiring an additional 1,509 shares during the quarter. FDx Advisors Inc.’s holdings in PNC Financial Services Group were worth $977,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PNC. Stelac Advisory Services LLC purchased a new position in shares of PNC Financial Services Group during the third quarter valued at approximately $118,000. Rational Advisors LLC boosted its position in shares of PNC Financial Services Group by 248.4% during the third quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock valued at $122,000 after buying an additional 641 shares during the last quarter. TRUE Private Wealth Advisors purchased a new position in shares of PNC Financial Services Group during the third quarter valued at approximately $127,000. Moneta Group Investment Advisors LLC purchased a new position in shares of PNC Financial Services Group during the second quarter valued at approximately $143,000. Finally, Landaas & Co. WI ADV purchased a new position in shares of PNC Financial Services Group during the second quarter valued at approximately $147,000. Hedge funds and other institutional investors own 79.09% of the company’s stock.

PNC stock opened at $135.78 on Friday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.89 and a current ratio of 0.90. PNC Financial Services Group Inc has a 1-year low of $116.55 and a 1-year high of $163.59. The firm has a market capitalization of $61.67 billion, a price-to-earnings ratio of 15.97, a price-to-earnings-growth ratio of 1.32 and a beta of 0.92.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The business had revenue of $4.36 billion for the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the previous year, the firm earned $2.16 earnings per share. As a group, research analysts predict that PNC Financial Services Group Inc will post 10.76 earnings per share for the current year.

PNC Financial Services Group declared that its board has authorized a stock buyback program on Thursday, November 8th that allows the company to repurchase $900.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 1.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were given a $0.95 dividend. The ex-dividend date was Tuesday, October 16th. This represents a $3.80 annualized dividend and a yield of 2.80%. PNC Financial Services Group’s dividend payout ratio is currently 44.71%.

In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the business’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $140.49, for a total value of $3,471,507.90. Following the transaction, the executive vice president now owns 131,020 shares of the company’s stock, valued at $18,406,999.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.38% of the stock is currently owned by insiders.

PNC has been the topic of several analyst reports. Vining Sparks reaffirmed a “buy” rating and set a $160.00 target price on shares of PNC Financial Services Group in a research report on Tuesday, October 9th. ValuEngine cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Sanford C. Bernstein raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and cut their target price for the company from $158.00 to $145.00 in a research report on Monday, October 15th. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Finally, Morgan Stanley cut their target price on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a research report on Monday, October 15th. Fourteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $155.50.

COPYRIGHT VIOLATION NOTICE: “FDx Advisors Inc. Purchases 1,509 Shares of PNC Financial Services Group Inc (PNC)” was reported by Community Financial News and is owned by of Community Financial News. If you are viewing this story on another publication, it was illegally copied and republished in violation of U.S. & international copyright & trademark law. The legal version of this story can be viewed at https://www.com-unik.info/2018/12/02/fdx-advisors-inc-purchases-1509-shares-of-pnc-financial-services-group-inc-pnc.html.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Recommended Story: Derivative

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


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