Horan Capital Advisors LLC. Buys New Holdings in PNC Financial Services Group, Inc. (The) (PNC)

Horan Capital Advisors LLC. acquired a new position in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 1,715 shares of the financial services provider’s stock, valued at approximately $214,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. increased its position in PNC Financial Services Group, Inc. (The) by 2,833.1% in the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock worth $3,262,582,000 after buying an additional 26,208,815 shares during the period. FMR LLC increased its position in PNC Financial Services Group, Inc. (The) by 19.4% in the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock worth $1,654,586,000 after buying an additional 2,239,716 shares during the period. APG Asset Management N.V. increased its position in PNC Financial Services Group, Inc. (The) by 275.3% in the first quarter. APG Asset Management N.V. now owns 1,626,728 shares of the financial services provider’s stock worth $195,598,000 after buying an additional 1,193,335 shares during the period. Harbour Capital Advisors LLC increased its position in PNC Financial Services Group, Inc. (The) by 43,366.7% in the second quarter. Harbour Capital Advisors LLC now owns 798,918 shares of the financial services provider’s stock worth $6,398,000 after buying an additional 797,080 shares during the period. Finally, First Trust Advisors LP increased its position in PNC Financial Services Group, Inc. (The) by 272.1% in the first quarter. First Trust Advisors LP now owns 855,203 shares of the financial services provider’s stock worth $102,830,000 after buying an additional 625,372 shares during the period. Hedge funds and other institutional investors own 81.18% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded up 0.10% during midday trading on Friday, hitting $127.32. The stock had a trading volume of 801,217 shares. The company has a market capitalization of $61.01 billion, a PE ratio of 16.20 and a beta of 0.93. PNC Financial Services Group, Inc. has a one year low of $87.04 and a one year high of $133.26. The firm’s 50-day moving average is $127.69 and its 200 day moving average is $123.79.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same quarter in the prior year, the business earned $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.41 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) announced that its Board of Directors has initiated a share repurchase plan on Wednesday, June 28th that allows the company to buyback $2.70 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the business’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total transaction of $3,048,835.95. Following the sale, the insider now directly owns 83,931 shares in the company, valued at approximately $10,613,074.95. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by corporate insiders.

Several equities research analysts have weighed in on PNC shares. Zacks Investment Research raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $140.00 target price on the stock in a research report on Tuesday, July 4th. Royal Bank Of Canada reissued a “buy” rating and set a $130.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Thursday, June 15th. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. BMO Capital Markets reissued a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, June 23rd. Finally, Rafferty Capital Markets raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Monday, July 17th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $124.12.

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About PNC Financial Services Group, Inc. (The)

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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