Traynor Capital Management Inc. Invests $227,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Traynor Capital Management Inc. acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the third quarter, Holdings Channel reports. The fund acquired 1,228 shares of the financial services provider’s stock, valued at approximately $227,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Capital International Investors grew its position in shares of The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after acquiring an additional 78,407 shares during the last quarter. Ameriprise Financial Inc. grew its position in The PNC Financial Services Group by 0.4% in the 2nd quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock worth $746,772,000 after purchasing an additional 18,397 shares during the last quarter. Legal & General Group Plc increased its stake in shares of The PNC Financial Services Group by 6.8% in the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock valued at $544,335,000 after purchasing an additional 223,955 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of The PNC Financial Services Group by 4.7% during the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider’s stock valued at $346,926,000 after buying an additional 100,993 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its position in shares of The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after buying an additional 262,654 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now owns 915 shares in the company, valued at $170,299.80. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $190.57, for a total value of $236,687.94. Following the completion of the sale, the chief executive officer now directly owns 546,007 shares of the company’s stock, valued at approximately $104,052,553.99. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,521 shares of company stock worth $2,634,475. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 1.0 %

Shares of NYSE PNC opened at $187.97 on Wednesday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 12 month low of $111.08 and a 12 month high of $196.64. The company has a market cap of $74.79 billion, a price-to-earnings ratio of 15.78, a P/E/G ratio of 1.98 and a beta of 1.14. The business has a fifty day simple moving average of $183.15 and a 200-day simple moving average of $168.79.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $3.60 earnings per share. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be given a $1.60 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.40%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PNC shares. Morgan Stanley raised their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Citigroup upped their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Stephens raised their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group reduced their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $185.71.

About The PNC Financial Services Group

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.