Connors Investor Services Inc. Has $11.41 Million Stake in PNC Financial Services Group Inc (PNC)

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 (NYSE:PNC) last issued its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same period in the prior year, the firm posted $2.16 EPS. Equities analysts forecast that PNC Financial Services Group Inc will post 10.76 earnings per share for the current fiscal year.

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.

COPYRIGHT VIOLATION WARNING: “Connors Investor Services Inc. Has $11.41 Million Stake in PNC Financial Services Group Inc (PNC)” was posted by Community Financial News and is the property of of Community Financial News. If you are accessing this piece on another site, it was illegally stolen and republished in violation of U.S. & international copyright and trademark law. The correct version of this piece can be viewed at https://www.com-unik.info/2018/12/04/connors-investor-services-inc-has-11-41-million-stake-in-pnc-financial-services-group-inc-pnc.html.

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.

See Also: How does inflation affect different investments?

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