Connors Investor Services Inc. lifted its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 5.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 83,794 shares of the financial services provider’s stock after purchasing an additional 4,020 shares during the period. PNC Financial Services Group accounts for 1.5% of Connors Investor Services Inc.’s holdings, making the stock its 20th biggest position. Connors Investor Services Inc.’s holdings in PNC Financial Services Group were worth $11,412,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently made changes to their positions in PNC. Stelac Advisory Services LLC acquired a new position in shares of PNC Financial Services Group during the 3rd quarter worth approximately $118,000. Rational Advisors LLC increased its holdings in shares of PNC Financial Services Group by 248.4% during the 3rd quarter. Rational Advisors LLC now owns 899 shares of the financial services provider’s stock worth $122,000 after acquiring an additional 641 shares during the last quarter. TRUE Private Wealth Advisors acquired a new position in shares of PNC Financial Services Group during the 3rd quarter worth approximately $127,000. Moneta Group Investment Advisors LLC acquired a new position in shares of PNC Financial Services Group during the 2nd quarter worth approximately $143,000. Finally, Landaas & Co. WI ADV acquired a new position in shares of PNC Financial Services Group during the 2nd quarter worth approximately $147,000. Institutional investors own 79.50% of the company’s stock.
Shares of NYSE PNC opened at $135.90 on Tuesday. The company has a current ratio of 0.90, a quick ratio of 0.89 and a debt-to-equity ratio of 1.11. PNC Financial Services Group Inc has a one year low of $116.55 and a one year high of $163.59. The firm has a market capitalization of $62.65 billion, a price-to-earnings ratio of 15.99, a PEG ratio of 1.34 and a beta of 0.92.
PNC Financial Services Group declared that its Board of Directors has approved a share repurchase plan on Thursday, November 8th that permits the company to repurchase $900.00 million in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 1.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is 44.71%.
In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the company’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 directly owns 131,020 shares of the company’s stock, valued at approximately $18,406,999.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company’s stock.
A number of research analysts recently weighed in on PNC shares. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a report on Monday, October 15th. Sanford C. Bernstein raised PNC Financial Services Group from a “market perform” rating to an “outperform” rating and decreased their target price for the stock from $158.00 to $145.00 in a report on Monday, October 15th. ValuEngine lowered PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday, October 12th. Nomura decreased their target price on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating on the stock in a report on Monday, October 15th. Finally, BMO Capital Markets decreased their target price on PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a report on Monday, October 15th. They noted that the move was a valuation call. Fourteen analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $155.50.
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About PNC Financial Services Group
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.
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