AMG National Trust Bank Acquires 125,738 Shares of The PNC Financial Services Group, Inc $PNC

AMG National Trust Bank raised its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 2,047.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,880 shares of the financial services provider’s stock after acquiring an additional 125,738 shares during the quarter. AMG National Trust Bank’s holdings in The PNC Financial Services Group were worth $27,443,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Monetary Solutions Ltd bought a new position in The PNC Financial Services Group in the 4th quarter valued at about $25,000. Quarry LP bought a new stake in shares of The PNC Financial Services Group during the third quarter worth $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the fourth quarter valued at approximately $29,000. Financial Life Planners acquired a new position in The PNC Financial Services Group during the 1st quarter worth about $31,000. Finally, Kemnay Advisory Services Inc. acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth $32,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PNC. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Bank of America lifted their target price on The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a report on Thursday, April 16th. UBS Group raised their price target on The PNC Financial Services Group from $263.00 to $288.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Monday, July 6th. Finally, Oppenheimer upped their price objective on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the stock an “outperform” rating in a report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $258.09.

Insider Buying and Selling

In other news, EVP Michael Duane Thomas sold 1,500 shares of the firm’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 sale, the director owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock worth $10,694,574 in the last ninety days. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Up 0.4%

Shares of PNC stock opened at $252.85 on Tuesday. The company’s fifty day simple moving average is $230.50 and its two-hundred day simple moving average is $222.41. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.00. The stock has a market cap of $101.54 billion, a P/E ratio of 14.69, a PEG ratio of 1.03 and a beta of 0.91. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05.

The PNC Financial Services Group (NYSE:PNC) last released 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 firm had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the company earned $3.51 EPS. Analysts predict that The PNC Financial Services Group, Inc will post 18.83 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

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.