Kovitz Investment Group Partners LLC Grows Position in The PNC Financial Services Group, Inc $PNC

Kovitz Investment Group Partners LLC boosted its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 8.6% during the 3rd quarter, Holdings Channel reports. The fund owned 436,509 shares of the financial services provider’s stock after acquiring an additional 34,689 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in The PNC Financial Services Group were worth $87,708,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Westfuller Advisors LLC acquired a new stake in shares of The PNC Financial Services Group in the 3rd quarter valued at $34,000. FNY Investment Advisers LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter worth $37,000. Bayforest Capital Ltd increased its holdings in The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock valued at $42,000 after buying an additional 147 shares during the last quarter. True Wealth Design LLC raised its stake in The PNC Financial Services Group by 1,133.3% in the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after buying an additional 204 shares in the last quarter. Finally, Country Trust Bank lifted its holdings in The PNC Financial Services Group by 38.9% during the 3rd quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after buying an additional 68 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president directly owned 1,942 shares of the company’s stock, valued at $448,563.16. This represents a 79.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Louis Robert Cestello sold 4,279 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares of the company’s stock, valued at $4,415,066.67. The trade was a 18.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 14,186 shares of company stock worth $3,296,973. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $232.95 on Friday. The stock has a market cap of $91.35 billion, a P/E ratio of 14.04, a P/E/G ratio of 0.97 and a beta of 0.99. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $243.94. The stock has a 50 day moving average of $221.41 and a two-hundred day moving average of $203.39. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, beating analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business had revenue of $6.07 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same period in the previous year, the company posted $3.77 EPS. The company’s quarterly revenue was up 9.1% on a year-over-year basis. On average, research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, February 5th. Stockholders of record on Tuesday, January 20th were issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is presently 40.99%.

Analyst Ratings Changes

PNC has been the subject of several analyst reports. Royal Bank Of Canada upped their price objective on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. TD Cowen upped their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. JPMorgan Chase & Co. raised their price objective on shares of The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an “overweight” rating in a report on Monday, February 9th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 20th. Finally, Oppenheimer increased their target price on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.