PNC Financial Services Group, Inc. (The) (PNC) Shares Bought by Amalgamated Bank

Amalgamated Bank increased its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 6.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,904 shares of the financial services provider’s stock after buying an additional 2,030 shares during the period. Amalgamated Bank’s holdings in PNC Financial Services Group, Inc. (The) were worth $4,197,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. First Interstate Bank raised its position in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares in the last quarter. Ledyard National Bank boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares during the last quarter. Pinnacle Bank purchased a new stake in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at $157,000. Quadrant Capital Group LLC boosted its stake in shares of PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares during the last quarter. Finally, Jacobus Wealth Management Inc. boosted its stake in PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares in the last quarter. 82.12% of the stock is currently owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (PNC) opened at 127.11 on Friday. The company has a 50-day moving average of $128.23 and a 200 day moving average of $123.60. PNC Financial Services Group, Inc. has a 12 month low of $85.09 and a 12 month high of $133.26. The company has a market cap of $60.91 billion, a PE ratio of 16.18 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $3.97 billion. During the same period in the prior year, the business posted $1.82 earnings per share. The firm’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, analysts anticipate that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

PNC Financial Services Group, Inc. (The) announced that its board has initiated a share repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were given a dividend of $0.75 per share. The ex-dividend date was Thursday, July 13th. This is an increase from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 annualized dividend and a yield of 2.36%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is 38.12%.

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Several equities research analysts have recently commented on the stock. BidaskClub cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Jefferies Group LLC reiterated a “hold” rating and issued a $136.00 price target on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, August 11th. Wells Fargo & Company began coverage on shares of PNC Financial Services Group, Inc. (The) in a research note on Wednesday, August 9th. They issued a “market perform” rating and a $119.00 price target for the company. Zacks Investment Research lowered shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a research note on Thursday, August 3rd. Finally, Deutsche Bank AG restated a “buy” rating and set a $130.00 price objective (up from $120.00) on shares of PNC Financial Services Group, Inc. (The) in a research note on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. PNC Financial Services Group, Inc. (The) has an average rating of “Hold” and an average target price of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction dated Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the sale, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

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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