Hi Line Capital Management LLC Grows Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Hi Line Capital Management LLC lifted its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.4% during the 1st quarter, Holdings Channel reports. The institutional investor owned 37,827 shares of the financial services provider’s stock after buying an additional 519 shares during the period. The PNC Financial Services Group makes up approximately 2.2% of Hi Line Capital Management LLC’s portfolio, making the stock its 15th biggest holding. Hi Line Capital Management LLC’s holdings in The PNC Financial Services Group were worth $6,113,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the business. Capital International Investors increased its holdings in The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares during the period. Norges Bank purchased a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,039,481,000. Franklin Resources Inc. increased its holdings in The PNC Financial Services Group by 165.4% during the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after purchasing an additional 3,046,226 shares during the period. Capital Research Global Investors increased its holdings in The PNC Financial Services Group by 19.5% during the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after purchasing an additional 778,264 shares during the period. Finally, Morgan Stanley increased its holdings in The PNC Financial Services Group by 1.0% during the 3rd quarter. Morgan Stanley now owns 3,858,980 shares of the financial services provider’s stock valued at $473,767,000 after purchasing an additional 36,362 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the transaction, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at approximately $545,856.74. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

Analyst Ratings Changes

PNC has been the topic of a number of research analyst reports. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $180.00 to $184.00 and gave the stock an “outperform” rating in a report on Tuesday, June 25th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and boosted their target price for the company from $141.00 to $155.00 in a research note on Thursday, March 28th. The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research note on Monday, April 1st. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 price objective on shares of The PNC Financial Services Group in a research report on Wednesday, April 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $158.43.

The PNC Financial Services Group Stock Up 1.0 %

The PNC Financial Services Group stock traded up $1.57 during mid-day trading on Monday, reaching $157.05. 689,628 shares of the company’s stock were exchanged, compared to its average volume of 1,890,064. The company has a market cap of $62.49 billion, a P/E ratio of 13.05, a P/E/G ratio of 2.22 and a beta of 1.15. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $162.24. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The company has a fifty day moving average of $155.18 and a 200-day moving average of $152.96.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s quarterly revenue was down 8.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.98 EPS. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 12.63 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 3.95%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 52.06%.

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.