Welch & Forbes LLC Acquires New Shares in The PNC Financial Services Group, Inc $PNC

Welch & Forbes LLC bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 8,860 shares of the financial services provider’s stock, valued at approximately $1,969,000.

A number of other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in The PNC Financial Services Group during the second quarter worth $7,921,455,000. State Street Corp grew its position in shares of The PNC Financial Services Group by 4.3% in the 2nd quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares during the period. Bank of America Corp DE bought a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $2,102,631,000. Deutsche Bank AG bought a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of The PNC Financial Services Group by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock worth $888,309,000 after purchasing an additional 39,112 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 0.1%

Shares of The PNC Financial Services Group stock opened at $231.06 on Wednesday. The business has a fifty day simple moving average of $228.20 and a two-hundred day simple moving average of $229.27. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96. The company has a market capitalization of $91.68 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 1.20 and a beta of 0.92. The company has a debt-to-equity ratio of 1.28, a current ratio of 0.84 and a quick ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.61 billion. During the same period in the previous year, the business posted $4.35 earnings per share. The company’s revenue for the quarter was up 10.9% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 19.24 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.58%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Bank of America dropped their target price on shares of The PNC Financial Services Group from $291.00 to $276.00 in a report on Thursday, October 8th. Raymond James Financial reduced their price target on The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Royal Bank Of Canada reduced their price target on The PNC Financial Services Group from $273.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, October 16th. The Goldman Sachs Group lowered their price target on The PNC Financial Services Group from $281.00 to $250.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Finally, DA Davidson upped their price objective on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a “buy” rating in a research note on Thursday, July 16th. Seventeen research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $266.04.

Insider Activity at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC’s businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.