Forsta AP Fonden Grows Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Forsta AP Fonden boosted its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 14.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 108,400 shares of the financial services provider’s stock after purchasing an additional 13,300 shares during the period. Forsta AP Fonden’s holdings in The PNC Financial Services Group were worth $17,517,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of PNC. BKM Wealth Management LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter valued at $26,000. Tennessee Valley Asset Management Partners acquired a new stake in The PNC Financial Services Group during the 4th quarter valued at $26,000. Fortitude Family Office LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter valued at $28,000. Householder Group Estate & Retirement Specialist LLC grew its holdings in The PNC Financial Services Group by 350.0% during the 4th quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after buying an additional 140 shares during the last quarter. Finally, Palisade Asset Management LLC acquired a new stake in The PNC Financial Services Group during the 1st quarter valued at $29,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,177 shares of company stock worth $814,791. Company insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PNC shares. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Bank of America raised their price objective on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. Jefferies Financial Group raised their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Finally, UBS Group upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $165.00 to $179.00 in a report on Monday, July 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $159.63.

The PNC Financial Services Group Stock Performance

PNC stock traded up $0.26 during midday trading on Friday, reaching $168.56. The company had a trading volume of 2,435,860 shares, compared to its average volume of 1,453,061. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a 50 day moving average price of $156.17 and a 200 day moving average price of $153.54. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $169.68. The firm has a market capitalization of $67.07 billion, a PE ratio of 14.15, a P/E/G ratio of 1.72 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the firm posted $3.98 earnings per share. The PNC Financial Services Group’s quarterly revenue was down 8.2% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc. will post 12.67 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be given a dividend of $1.60 per share. The ex-dividend date is Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.80%. The PNC Financial Services Group’s payout ratio is currently 52.06%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.