Forsta AP Fonden Has $16.76 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Forsta AP Fonden reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 107,800 shares of the financial services provider’s stock after selling 600 shares during the quarter. Forsta AP Fonden’s holdings in The PNC Financial Services Group were worth $16,761,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. ORG Partners LLC grew its position in shares of 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 worth $26,000 after buying an additional 110 shares during the period. Bank & Trust Co acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $26,000. LRI Investments LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $28,000. Palisade Asset Management LLC acquired a new position in shares of The PNC Financial Services Group during the 1st quarter worth about $29,000. Finally, Fortis Group Advisors LLC grew its position in shares of The PNC Financial Services Group by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock worth $31,000 after buying an additional 100 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Up 0.3 %

PNC stock opened at $177.60 on Friday. 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 business has a 50 day moving average price of $174.75 and a two-hundred day moving average price of $161.44. The company has a market cap of $70.60 billion, a price-to-earnings ratio of 14.91, a P/E/G ratio of 1.96 and a beta of 1.14. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly 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 firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same period last year, the company earned $3.36 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. The ex-dividend date of this dividend was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.60%. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Barclays lifted their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley lifted their price target on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. Evercore ISI increased their price objective on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, UBS Group increased their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $176.90.

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $167.50, for a total value of $208,035.00. Following the transaction, the chief executive officer now directly owns 563,395 shares of the company’s stock, valued at $94,368,662.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now directly 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. In the last ninety days, insiders have sold 25,263 shares of company stock valued at $4,418,109. 0.42% of the stock is owned by company insiders.

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.