Certuity LLC Increases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Certuity LLC raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 104,681 shares of the financial services provider’s stock after buying an additional 530 shares during the period. The PNC Financial Services Group comprises approximately 1.3% of Certuity LLC’s holdings, making the stock its 21st largest position. Certuity LLC’s holdings in The PNC Financial Services Group were worth $16,276,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PNC. Bank & Trust Co purchased a new stake in The PNC Financial Services Group during the 2nd quarter valued at $26,000. ORG Partners LLC raised its stake in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth $28,000. Palisade Asset Management LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth $29,000. Finally, Core Wealth Advisors Inc. purchased a new stake in shares of The PNC Financial Services Group in the 4th quarter worth $31,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 2.3 %

PNC opened at $176.70 on Friday. The firm has a 50-day simple moving average of $173.04 and a two-hundred day simple moving average of $160.62. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $185.84. The company has a market capitalization of $70.24 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the firm earned $3.36 EPS. The business’s revenue was up 2.2% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The disclosure for this sale can be found here. Insiders sold 25,263 shares of company stock valued at $4,418,109 in the last 90 days. Insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

PNC has been the subject of several analyst reports. UBS Group upped their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Finally, Compass Point lowered The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. 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 currently has a consensus rating of “Hold” and an average target price of $177.02.

The PNC Financial Services Group Company 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.