Fortitude Family Office LLC Increases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Fortitude Family Office LLC raised its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 119.2% in the third quarter, HoldingsChannel reports. The fund owned 399 shares of the financial services provider’s stock after purchasing an additional 217 shares during the period. Fortitude Family Office LLC’s holdings in The PNC Financial Services Group were worth $74,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Traynor Capital Management Inc. purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at approximately $227,000. Pallas Capital Advisors LLC increased its holdings in The PNC Financial Services Group by 8.8% in the third quarter. Pallas Capital Advisors LLC now owns 24,668 shares of the financial services provider’s stock valued at $4,661,000 after buying an additional 1,998 shares in the last quarter. Orrstown Financial Services Inc. acquired a new position in shares of The PNC Financial Services Group in the third quarter worth about $1,778,000. Patriot Financial Group Insurance Agency LLC raised its position in shares of The PNC Financial Services Group by 3.0% in the third quarter. Patriot Financial Group Insurance Agency LLC now owns 3,599 shares of the financial services provider’s stock worth $665,000 after acquiring an additional 105 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its stake in shares of The PNC Financial Services Group by 8.7% during the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,442 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on PNC shares. Royal Bank of Canada lifted their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Morgan Stanley upped their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 16th. Jefferies Financial Group increased their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Finally, Evercore ISI increased their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $185.71.

The PNC Financial Services Group Trading Down 1.0 %

Shares of The PNC Financial Services Group stock opened at $187.97 on Wednesday. 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 stock’s 50 day simple moving average is $183.15 and its 200-day simple moving average is $168.79. The stock has a market cap of $74.79 billion, a P/E ratio of 15.78, a P/E/G ratio of 1.98 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 1-year low of $111.08 and a 1-year high of $196.64.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period in the prior year, the business earned $3.60 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $190.57, for a total transaction of $236,687.94. Following the sale, the chief executive officer now owns 546,007 shares of the company’s stock, valued at approximately $104,052,553.99. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $190.57, for a total transaction of $236,687.94. Following the completion of the transaction, the chief executive officer now directly owns 546,007 shares in the company, valued at approximately $104,052,553.99. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,521 shares of company stock worth $2,634,475 in the last ninety days. 0.42% of the stock is owned by 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.