Westover Capital Advisors LLC Increases Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Westover Capital Advisors LLC increased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 121.0% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 2,922 shares of the financial services provider’s stock after purchasing an additional 1,600 shares during the period. Westover Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $454,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. 1ST Source Bank purchased a new position in The PNC Financial Services Group during the second quarter valued at approximately $278,000. GHP Investment Advisors Inc. grew its position in shares of The PNC Financial Services Group by 3.8% during the 2nd quarter. GHP Investment Advisors Inc. now owns 12,072 shares of the financial services provider’s stock valued at $1,877,000 after purchasing an additional 442 shares in the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of The PNC Financial Services Group by 61.4% in the second quarter. Meeder Advisory Services Inc. now owns 11,785 shares of the financial services provider’s stock worth $1,832,000 after purchasing an additional 4,485 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of The PNC Financial Services Group by 0.4% in the second quarter. DekaBank Deutsche Girozentrale now owns 110,410 shares of the financial services provider’s stock worth $16,567,000 after buying an additional 422 shares in the last quarter. Finally, Equity Investment Corp boosted its stake in The PNC Financial Services Group by 0.9% during the second quarter. Equity Investment Corp now owns 688,379 shares of the financial services provider’s stock valued at $107,029,000 after buying an additional 5,847 shares during the period. Institutional investors own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on PNC shares. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Citigroup raised their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group dropped their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Jefferies Financial Group raised their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $176.90.

Insider Buying and Selling at The PNC Financial Services Group

In related news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,263 shares of company stock valued at $4,418,109. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Down 0.2 %

NYSE PNC opened at $177.24 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The business’s 50-day moving average is $175.16 and its 200 day moving average is $161.66. The stock has a market capitalization of $70.45 billion, a PE ratio of 14.88, a PEG ratio of 1.96 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the firm earned $3.36 earnings per share. The business’s revenue was up 2.2% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.61%. The PNC Financial Services Group’s payout ratio is presently 53.74%.

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.