OLD National Bancorp IN Acquires New Stake in PNC Financial Services Group Inc (PNC)

Share on StockTwits

OLD National Bancorp IN acquired a new position in shares of PNC Financial Services Group Inc (NYSE:PNC) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 2,276 shares of the financial services provider’s stock, valued at approximately $310,000.

Other hedge funds have also recently bought and sold shares of the company. TRUE Private Wealth Advisors acquired a new position in shares of PNC Financial Services Group during the third quarter worth about $127,000. Landaas & Co. WI ADV acquired a new position in PNC Financial Services Group during the second quarter valued at approximately $147,000. Archford Capital Strategies LLC boosted its position in PNC Financial Services Group by 197.0% during the second quarter. Archford Capital Strategies LLC now owns 1,090 shares of the financial services provider’s stock valued at $147,000 after purchasing an additional 723 shares during the last quarter. Kaizen Advisory LLC boosted its position in PNC Financial Services Group by 147.8% during the second quarter. Kaizen Advisory LLC now owns 1,150 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 686 shares during the last quarter. Finally, Atlas Capital Advisors LLC boosted its position in PNC Financial Services Group by 75.6% during the second quarter. Atlas Capital Advisors LLC now owns 1,171 shares of the financial services provider’s stock valued at $166,000 after purchasing an additional 504 shares during the last quarter. 79.98% of the stock is owned by institutional investors.

Several brokerages recently commented on PNC. ValuEngine raised PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday. UBS Group set a $137.00 price target on PNC Financial Services Group and gave the company a “hold” rating in a research report on Monday, October 15th. Vining Sparks reissued a “buy” rating and set a $160.00 price target on shares of PNC Financial Services Group in a research report on Tuesday, October 9th. Morgan Stanley reduced their price target on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research report on Monday, October 15th. Finally, Nomura reduced their price target on PNC Financial Services Group from $162.00 to $140.00 and set a “neutral” rating for the company in a research report on Monday, October 15th. Twelve equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. PNC Financial Services Group presently has a consensus rating of “Hold” and a consensus price target of $154.62.

PNC opened at $128.49 on Thursday. PNC Financial Services Group Inc has a 12-month low of $116.55 and a 12-month high of $163.59. The company has a market capitalization of $57.93 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 1.23 and a beta of 0.92. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 1.23.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.73 by $0.09. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. During the same period last year, the firm posted $2.16 earnings per share. As a group, equities research analysts anticipate that PNC Financial Services Group Inc will post 10.75 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, November 5th. Stockholders of record on Wednesday, October 17th will be paid a dividend of $0.95 per share. The ex-dividend date is Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.96%. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 44.71%.

In other news, EVP Robert Q. Reilly sold 24,710 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the transaction, the executive vice president now owns 131,020 shares in the company, valued at $18,406,999.80. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by company insiders.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Featured Story: What is the S&P 500 Index?

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