Royal London Asset Management Ltd. Has $108.48 Million Holdings in The PNC Financial Services Group, Inc $PNC

Royal London Asset Management Ltd. lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 0.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 440,590 shares of the financial services provider’s stock after selling 2,610 shares during the quarter. Royal London Asset Management Ltd. owned approximately 0.11% of The PNC Financial Services Group worth $108,482,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Quarry LP purchased a new position in shares of The PNC Financial Services Group during the 3rd quarter valued at $25,000. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth about $25,000. Mowery & Schoenfeld Wealth Management LLC purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth about $28,000. Modus Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at about $29,000. Finally, Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at about $31,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. UBS Group raised their price objective on shares of The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Morgan Stanley increased their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. Wells Fargo & Company boosted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Royal Bank Of Canada upped their price target on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Finally, Robert W. Baird raised their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average price target of $265.73.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at approximately $710,664.11. This trade represents a 36.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 6,654 shares of company stock worth $1,627,011 over the last three months. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Down 0.5%

Shares of PNC stock opened at $242.24 on Friday. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96. The firm’s fifty day simple moving average is $249.40 and its 200 day simple moving average is $229.61. The firm has a market capitalization of $96.64 billion, a P/E ratio of 13.33, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same period last year, the business posted $3.85 EPS. The business’s quarterly revenue was up 21.4% on a year-over-year basis. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

The PNC Financial Services Group Profile

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.