Independence Bank of Kentucky Invests $322,000 in PNC Financial Services Group Inc (PNC) Stock

Independence Bank of Kentucky acquired a new position in shares of PNC Financial Services Group Inc (NYSE:PNC) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,230 shares of the financial services provider’s stock, valued at approximately $322,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PNC. Koch Industries Inc. boosted its position in PNC Financial Services Group by 78,828.1% during the 2nd quarter. Koch Industries Inc. now owns 1,350,459 shares of the financial services provider’s stock worth $1,340,000 after acquiring an additional 1,348,748 shares during the period. Ameriprise Financial Inc. boosted its position in PNC Financial Services Group by 21.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,762,394 shares of the financial services provider’s stock worth $507,045,000 after acquiring an additional 657,161 shares during the period. Canada Pension Plan Investment Board boosted its position in PNC Financial Services Group by 67.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,041,462 shares of the financial services provider’s stock worth $140,358,000 after acquiring an additional 420,938 shares during the period. Assenagon Asset Management S.A. boosted its position in PNC Financial Services Group by 539.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 423,671 shares of the financial services provider’s stock worth $61,131,000 after acquiring an additional 357,466 shares during the period. Finally, TD Asset Management Inc. boosted its position in PNC Financial Services Group by 196.5% during the 3rd quarter. TD Asset Management Inc. now owns 527,935 shares of the financial services provider’s stock worth $71,150,000 after acquiring an additional 349,869 shares during the period. Hedge funds and other institutional investors own 81.98% of the company’s stock.

A number of research analysts have issued reports on the company. Nomura boosted their price target on PNC Financial Services Group from $132.00 to $135.00 and gave the stock a “neutral” rating in a research report on Monday, October 23rd. BMO Capital Markets reiterated a “buy” rating on shares of PNC Financial Services Group in a research report on Thursday, January 25th. ValuEngine lowered PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Wednesday, January 10th. Wells Fargo & Co set a $157.00 price target on PNC Financial Services Group and gave the stock a “hold” rating in a research report on Tuesday, January 16th. Finally, Royal Bank of Canada boosted their price target on PNC Financial Services Group to $170.00 and gave the stock an “average” rating in a research report on Friday, January 12th. Eighteen equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $145.98.

In related news, insider E William Parsley III sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 29th. The stock was sold at an average price of $138.68, for a total transaction of $3,467,000.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $140.98, for a total value of $704,900.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,894 shares of company stock valued at $14,897,513. 0.43% of the stock is currently owned by company insiders.

Shares of PNC Financial Services Group Inc (NYSE:PNC) opened at $158.27 on Thursday. PNC Financial Services Group Inc has a fifty-two week low of $115.25 and a fifty-two week high of $160.07. The company has a market capitalization of $72,506.16, a price-to-earnings ratio of 15.22, a PEG ratio of 1.44 and a beta of 0.93. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 1.24.

PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, January 12th. The financial services provider reported $2.29 EPS for the quarter, beating the consensus estimate of $2.20 by $0.09. PNC Financial Services Group had a return on equity of 9.52% and a net margin of 29.60%. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.15 billion. During the same period in the prior year, the business posted $1.97 earnings per share. PNC Financial Services Group’s revenue was up 10.0% compared to the same quarter last year. sell-side analysts anticipate that PNC Financial Services Group Inc will post 10.38 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, February 5th. Stockholders of record on Wednesday, January 17th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Tuesday, January 16th. PNC Financial Services Group’s dividend payout ratio is 28.85%.

TRADEMARK VIOLATION NOTICE: This story was first reported by Week Herald and is the property of of Week Herald. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. & international trademark and copyright laws. The original version of this story can be viewed at https://weekherald.com/2018/02/15/independence-bank-of-kentucky-invests-322000-in-pnc-financial-services-group-inc-pnc-stock.html.

About PNC Financial Services Group

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.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply