Cetera Investment Advisers Buys 7,787 Shares of The PNC Financial Services Group, Inc $PNC

Cetera Investment Advisers increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 3.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 241,892 shares of the financial services provider’s stock after acquiring an additional 7,787 shares during the quarter. Cetera Investment Advisers’ holdings in The PNC Financial Services Group were worth $50,335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. NewEdge Wealth LLC boosted its holdings in The PNC Financial Services Group by 20.6% in the 1st quarter. NewEdge Wealth LLC now owns 26,332 shares of the financial services provider’s stock worth $5,479,000 after buying an additional 4,506 shares during the period. First Trust Advisors LP raised its holdings in The PNC Financial Services Group by 8.3% during the first quarter. First Trust Advisors LP now owns 2,816,605 shares of the financial services provider’s stock valued at $586,107,000 after acquiring an additional 215,454 shares during the period. Westpac Banking Corp lifted its position in shares of The PNC Financial Services Group by 22.8% in the first quarter. Westpac Banking Corp now owns 9,058 shares of the financial services provider’s stock valued at $1,885,000 after acquiring an additional 1,682 shares in the last quarter. Oslo Pensjonsforsikring AS purchased a new position in shares of The PNC Financial Services Group in the first quarter valued at about $218,000. Finally, HORAN Wealth LLC lifted its position in shares of The PNC Financial Services Group by 100.0% in the first quarter. HORAN Wealth LLC now owns 3,784 shares of the financial services provider’s stock valued at $789,000 after acquiring an additional 1,892 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on PNC. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a research report on Monday, July 6th. Morgan Stanley boosted their price target on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a report on Monday, June 29th. Citigroup upped their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, July 20th. Stephens lifted their price objective on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada boosted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $265.48.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the transaction, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This represents a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last three months. Insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Stock Up 0.5%

Shares of PNC opened at $250.59 on Friday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.85 and a quick ratio of 0.84. The stock has a market capitalization of $100.63 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.99 and a beta of 0.91. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.49. The business’s 50 day simple moving average is $236.91 and its 200-day simple moving average is $224.87.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, beating analysts’ consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the firm posted $3.85 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 21.4% compared to the same quarter last year. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Monday, July 20th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio is 44.03%.

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.