Brown Advisory Inc. Raises Position in PNC Financial Services Group Inc (PNC)

Brown Advisory Inc. raised its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 7.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,987 shares of the financial services provider’s stock after acquiring an additional 6,045 shares during the quarter. Brown Advisory Inc.’s holdings in PNC Financial Services Group were worth $11,438,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. grew its position in PNC Financial Services Group by 8,418.8% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 2,726 shares of the financial services provider’s stock worth $366,000 after buying an additional 2,694 shares in the last quarter. Personal Capital Advisors Corp raised its position in PNC Financial Services Group by 22.2% during the 2nd quarter. Personal Capital Advisors Corp now owns 2,112 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 383 shares during the last quarter. First Trust Advisors LP raised its position in PNC Financial Services Group by 9.5% during the 2nd quarter. First Trust Advisors LP now owns 1,104,894 shares of the financial services provider’s stock valued at $149,271,000 after purchasing an additional 95,574 shares during the last quarter. Victory Capital Management Inc. raised its position in PNC Financial Services Group by 0.5% during the 2nd quarter. Victory Capital Management Inc. now owns 308,121 shares of the financial services provider’s stock valued at $41,627,000 after purchasing an additional 1,597 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in PNC Financial Services Group by 25.7% during the 2nd quarter. D.A. Davidson & CO. now owns 46,343 shares of the financial services provider’s stock valued at $6,261,000 after purchasing an additional 9,470 shares during the last quarter. 79.09% of the stock is owned by institutional investors.

In other news, EVP Robert Q. Reilly sold 24,710 shares of the firm’s stock in a transaction on Friday, September 14th. The shares were sold at an average price of $140.49, for a total value of $3,471,507.90. Following the sale, the executive vice president now directly owns 131,020 shares in the company, valued at approximately $18,406,999.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is owned by corporate insiders.

Shares of NYSE PNC opened at $135.78 on Monday. PNC Financial Services Group Inc has a 12-month low of $116.55 and a 12-month high of $163.59. The stock has a market cap of $62.65 billion, a P/E ratio of 15.97, a price-to-earnings-growth ratio of 1.34 and a beta of 0.92. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.90 and a quick ratio of 0.89.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, beating the consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a net margin of 30.97% and a return on equity of 10.88%. The business had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same quarter in the prior year, the company posted $2.16 EPS. As a group, equities analysts forecast that PNC Financial Services Group Inc will post 10.76 earnings per share for the current year.

PNC Financial Services Group declared that its Board of Directors has initiated a stock buyback program on Thursday, November 8th that allows the company to buyback $900.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 1.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were issued a dividend of $0.95 per share. The ex-dividend date was Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a yield of 2.80%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.71%.

A number of research firms have weighed in on PNC. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Thursday, November 1st. Morgan Stanley lowered their price target on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a report on Monday, October 15th. Vining Sparks reissued a “buy” rating and set a $160.00 price target on shares of PNC Financial Services Group in a report on Tuesday, October 9th. Deutsche Bank raised PNC Financial Services Group from a “hold” rating to a “buy” rating in a report on Monday, October 15th. Finally, UBS Group set a $137.00 target price on PNC Financial Services Group and gave the stock a “hold” rating in a report on Monday, October 15th. Fourteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $155.50.

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PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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