Van ECK Associates Corp Raises Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Van ECK Associates Corp increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 19.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,558 shares of the financial services provider’s stock after purchasing an additional 16,154 shares during the period. Van ECK Associates Corp’s holdings in The PNC Financial Services Group were worth $18,738,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in PNC. MFA Wealth Advisors LLC grew its holdings in The PNC Financial Services Group by 5.4% during the 3rd quarter. MFA Wealth Advisors LLC now owns 1,082 shares of the financial services provider’s stock worth $200,000 after acquiring an additional 55 shares in the last quarter. Resonant Capital Advisors LLC grew its holdings in The PNC Financial Services Group by 0.3% during the 3rd quarter. Resonant Capital Advisors LLC now owns 17,030 shares of the financial services provider’s stock worth $3,148,000 after acquiring an additional 56 shares in the last quarter. Valley Brook Capital Group Inc. grew its holdings in The PNC Financial Services Group by 0.6% during the 2nd quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock worth $1,648,000 after acquiring an additional 62 shares in the last quarter. Ledyard National Bank grew its holdings in The PNC Financial Services Group by 2.8% during the 3rd quarter. Ledyard National Bank now owns 2,350 shares of the financial services provider’s stock worth $434,000 after acquiring an additional 64 shares in the last quarter. Finally, Kowal Investment Group LLC grew its holdings in The PNC Financial Services Group by 2.6% during the 2nd quarter. Kowal Investment Group LLC now owns 2,644 shares of the financial services provider’s stock worth $411,000 after acquiring an additional 68 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.6 %

Shares of The PNC Financial Services Group stock opened at $185.95 on Tuesday. The company has a market cap of $73.92 billion, a P/E ratio of 15.72, a PEG ratio of 2.00 and a beta of 1.13. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc. has a one year low of $118.56 and a one year high of $196.64. The firm has a fifty day moving average of $184.09 and a two-hundred day moving average of $169.92.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s quarterly revenue was up 3.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.60 EPS. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.34 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be given a dividend of $1.60 per share. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.44%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $171.80, for a total value of $213,375.60. Following the completion of the sale, the chief executive officer now owns 557,185 shares in the company, valued at $95,724,383. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the sale, the director now owns 915 shares in the company, valued at $170,299.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $171.80, for a total transaction of $213,375.60. Following the completion of the sale, the chief executive officer now owns 557,185 shares of the company’s stock, valued at $95,724,383. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 14,521 shares of company stock worth $2,653,950. 0.42% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on PNC. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Barclays upped their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Evercore ISI upped their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Royal Bank of Canada upped their target price on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $185.71.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.