Jupiter Topco LLC Makes New Investment in The PNC Financial Services Group, Inc $PNC

Jupiter Topco LLC bought a new stake in The PNC Financial Services Group, Inc (NYSE:PNC) in the 2nd quarter, Holdings Channel.com reports. The fund bought 3,074,194 shares of the financial services provider’s stock, valued at approximately $756,877,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Hsbc Holdings PLC bought a new stake in shares of The PNC Financial Services Group during the second quarter worth $268,765,000. EFG International AG bought a new position in The PNC Financial Services Group in the second quarter valued at about $124,000. Ancora Advisors LLC bought a new position in The PNC Financial Services Group in the second quarter valued at about $2,232,000. PDT Partners LLC acquired a new stake in The PNC Financial Services Group in the second quarter worth about $3,958,000. Finally, Canada Pension Plan Investment Board acquired a new stake in The PNC Financial Services Group in the second quarter worth about $189,995,000. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research reports. Stephens upped their target price 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. Morgan Stanley lifted their price target 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. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Robert W. Baird raised their price objective on shares of 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 analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $244.15 on Wednesday. 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 firm has a market capitalization of $97.40 billion, a P/E ratio of 13.44, a PEG ratio of 0.97 and a beta of 0.91. The business has a 50-day moving average of $248.75 and a 200-day moving average of $229.47. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly 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 business had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same period last year, the company posted $3.85 EPS. The PNC Financial Services Group’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, equities analysts anticipate 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 announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Stacy M. Juchno sold 3,354 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 6,654 shares of company stock valued at $1,627,011 over the last three months. 0.38% of the stock is currently owned by corporate insiders.

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.