Meeder Asset Management Inc. Invests $382,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Meeder Asset Management Inc. purchased a new position in The PNC Financial Services Group, Inc. (NYSE:PNC) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,365 shares of the financial services provider’s stock, valued at approximately $382,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PNC. Steph & Co. raised its stake in The PNC Financial Services Group by 1.8% during the 4th quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 67 shares during the last quarter. Bangor Savings Bank lifted its stake in shares of The PNC Financial Services Group by 1.2% in the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock worth $888,000 after acquiring an additional 69 shares during the period. Triangle Securities Wealth Management boosted its holdings in shares of The PNC Financial Services Group by 1.8% in the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after acquiring an additional 70 shares in the last quarter. Cooper Financial Group increased its stake in shares of The PNC Financial Services Group by 1.7% during the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 70 shares during the period. Finally, Berkshire Bank raised its holdings in The PNC Financial Services Group by 2.0% during the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock worth $576,000 after purchasing an additional 71 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on PNC shares. Bank of America raised their price objective on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the company a “neutral” rating in a research note on Wednesday, April 17th. Evercore ISI raised their price target on The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a research report on Tuesday, June 25th. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the company from $141.00 to $155.00 in a report on Thursday, March 28th. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. Finally, UBS Group raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $165.00 to $179.00 in a report on Monday, July 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $159.63.

The PNC Financial Services Group Trading Up 3.0 %

PNC stock traded up $5.07 on Tuesday, hitting $174.09. 629,636 shares of the company were exchanged, compared to its average volume of 1,887,670. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The stock has a market capitalization of $69.27 billion, a price-to-earnings ratio of 14.19, a price-to-earnings-growth ratio of 1.72 and a beta of 1.15. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $174.35. The business’s fifty day moving average is $156.42 and its two-hundred day moving average is $153.62.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.39 EPS for the quarter, topping analysts’ consensus estimates of $2.99 by $0.40. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the prior year, the firm posted $3.36 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 12.67 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Monday, July 15th will be given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.68%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s payout ratio is 52.06%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 2,404 shares of The PNC Financial Services Group stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the transaction, the chief executive officer now owns 564,637 shares in the company, valued at approximately $90,341,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total value of $384,640.00. Following the completion of the transaction, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. Insiders sold a total of 6,419 shares of company stock worth $1,022,826 over the last ninety days. 0.42% of the stock is owned by company 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.