Paloma Partners Management Co Buys 2,084 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Paloma Partners Management Co raised its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2,084.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,184 shares of the financial services provider’s stock after purchasing an additional 2,084 shares during the quarter. Paloma Partners Management Co’s holdings in The PNC Financial Services Group were worth $353,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Tennessee Valley Asset Management Partners bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $26,000. Householder Group Estate & Retirement Specialist LLC lifted its position in The PNC Financial Services Group by 350.0% in the fourth quarter. Householder Group Estate & Retirement Specialist LLC now owns 180 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 140 shares during the last quarter. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at approximately $29,000. Core Wealth Advisors Inc. bought a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $31,000. Finally, Fortis Group Advisors LLC lifted its position in The PNC Financial Services Group by 100.0% in the fourth quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 100 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of a number of recent analyst reports. Morgan Stanley decreased their target price on The PNC Financial Services Group from $167.00 to $165.00 and set an “underweight” rating for the company in a report on Wednesday, July 17th. Royal Bank of Canada upped their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Jefferies Financial Group upped their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Wells Fargo & Company upped their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Finally, UBS Group upped their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $175.34.

The PNC Financial Services Group Stock Performance

PNC stock traded down $0.21 during trading on Monday, reaching $181.00. The stock had a trading volume of 1,736,932 shares, compared to its average volume of 1,927,236. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $182.51. The stock’s 50 day moving average is $160.39 and its two-hundred day moving average is $155.29. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The firm has a market cap of $72.02 billion, a PE ratio of 15.20, a PEG ratio of 2.33 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the company earned $3.36 earnings per share. The PNC Financial Services Group’s revenue was up 2.2% on a year-over-year basis. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be paid a $1.60 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.54%. 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 (DPR) is 53.74%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares in the company, valued at $545,856.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the firm’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 completion of the transaction, the executive vice president now owns 3,502 shares in the company, valued at approximately $545,856.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the transaction, the chief executive officer now owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Insiders have sold 8,903 shares of company stock valued at $1,466,406 over the last quarter. 0.42% of the stock is currently owned by company insiders.

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.