Gables Capital Management Inc. Increases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Gables Capital Management Inc. increased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 732.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,273 shares of the financial services provider’s stock after acquiring an additional 2,000 shares during the quarter. Gables Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $473,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Vanguard Group Inc. grew its position in shares of The PNC Financial Services Group by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after purchasing an additional 408,464 shares in the last quarter. State Street Corp grew its position in The PNC Financial Services Group by 0.4% during the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after buying an additional 77,302 shares in the last quarter. Capital International Investors grew its position in The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after buying an additional 1,101,055 shares in the last quarter. Norges Bank bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth approximately $1,967,080,000. Finally, Geode Capital Management LLC increased its stake in The PNC Financial Services Group by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after acquiring an additional 30,078 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PNC. Barclays increased their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the company an “overweight” rating in a research report on Thursday, April 16th. Morgan Stanley upped their target price on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research note on Monday, June 29th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a research report on Thursday, March 26th. They set a “buy” rating and a $250.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Finally, Bank of America upped their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $258.09.

The PNC Financial Services Group Trading Up 0.4%

PNC stock traded up $1.07 during trading on Friday, hitting $251.99. 2,892,810 shares of the company traded hands, compared to its average volume of 2,235,505. The company has a 50-day moving average of $229.90 and a 200-day moving average of $222.05. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc has a 1 year low of $176.88 and a 1 year high of $256.00. The firm has a market capitalization of $101.19 billion, a PE ratio of 14.64, a P/E/G ratio of 1.03 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping analysts’ consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The business had revenue of $6.17 billion for the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the previous year, the firm earned $3.51 EPS. The business’s quarterly revenue was up 13.1% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 18.83 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is presently 39.51%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the business’s stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. The trade was a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. This trade represents a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 48,300 shares of company stock worth $10,694,574 in the last three months. 0.38% of the stock is owned by insiders.

About The PNC Financial Services Group

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.