Optas LLC Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

Optas LLC acquired a new stake in The PNC Financial Services Group, Inc. (NYSE:PNC) in the 3rd quarter, HoldingsChannel reports. The fund acquired 1,356 shares of the financial services provider’s stock, valued at approximately $251,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at approximately $12,548,000. Bleakley Financial Group LLC raised its holdings in The PNC Financial Services Group by 9.0% in the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after acquiring an additional 1,299 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in The PNC Financial Services Group in the second quarter valued at approximately $822,000. Equity Investment Corp raised its holdings in The PNC Financial Services Group by 3.4% in the first quarter. Equity Investment Corp now owns 682,532 shares of the financial services provider’s stock valued at $110,297,000 after acquiring an additional 22,188 shares in the last quarter. Finally, Duality Advisers LP raised its holdings in The PNC Financial Services Group by 108.5% in the first quarter. Duality Advisers LP now owns 20,641 shares of the financial services provider’s stock valued at $3,336,000 after acquiring an additional 10,743 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on PNC shares. 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 report on Wednesday, October 16th. The Goldman Sachs Group cut their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Keefe, Bruyette & Woods raised their price objective on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Finally, Royal Bank of Canada raised their price objective on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $185.71.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $187.15 on Monday. The firm has a market cap of $74.39 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 2.00 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 1-year low of $114.51 and a 1-year high of $196.64. The firm’s fifty day moving average price is $183.94 and its 200 day moving average price is $169.65. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to analyst estimates 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 business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.60 EPS. On average, sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 3.42%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the sale, the chief executive officer now directly owns 558,427 shares in the company, valued at approximately $94,994,016.97. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 9th. The stock was sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the transaction, the chief executive officer now owns 558,427 shares of the company’s stock, valued at $94,994,016.97. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group stock in a transaction on 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 directly owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,279 shares of company stock worth $2,418,591. Corporate insiders own 0.42% of the company’s stock.

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.