Bank of Stockton Increases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

by · The Markets Daily

Bank of Stockton raised its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 7.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,736 shares of the financial services provider’s stock after purchasing an additional 341 shares during the quarter. Bank of Stockton’s holdings in The PNC Financial Services Group were worth $875,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Bank & Trust Co purchased a new stake in The PNC Financial Services Group in the second quarter worth about $26,000. ORG Partners LLC boosted its position in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares in the last quarter. LRI Investments LLC purchased a new stake in The PNC Financial Services Group in the first quarter worth $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group in the first quarter worth $29,000. Finally, Y.D. More Investments Ltd bought a new position in The PNC Financial Services Group in the second quarter worth $33,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Performance

NYSE PNC traded down $0.89 during trading hours on Friday, hitting $188.05. 208,811 shares of the company’s stock traded hands, compared to its average volume of 1,858,016. The PNC Financial Services Group, Inc. has a 52 week low of $110.79 and a 52 week high of $196.64. The firm has a market capitalization of $74.83 billion, a P/E ratio of 15.86, a P/E/G ratio of 1.98 and a beta of 1.14. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The business’s fifty day moving average price is $181.96 and its two-hundred day moving average price is $167.82.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the previous year, the firm posted $3.60 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. Equities research 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

Insider Activity

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on 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 owns 199,095 shares in the company, valued at approximately $36,151,670.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $170.11, for a total value 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 approximately $94,994,016.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,279 shares of company stock valued at $4,395,540 in the last ninety days. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Barclays upped their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research note on Wednesday, October 16th. Stephens boosted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Royal Bank of Canada increased their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $185.71.

Check Out Our Latest Report on PNC

About The PNC Financial Services Group

(Free Report)

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.

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