The PNC Financial Services Group, Inc. (NYSE:PNC) Holdings Boosted by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 24.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,351,548 shares of the financial services provider’s stock after purchasing an additional 262,654 shares during the quarter. Hsbc Holdings PLC owned about 0.34% of The PNC Financial Services Group worth $209,962,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Elo Mutual Pension Insurance Co increased its stake in shares of The PNC Financial Services Group by 47.0% during the second quarter. Elo Mutual Pension Insurance Co now owns 34,015 shares of the financial services provider’s stock valued at $5,289,000 after acquiring an additional 10,871 shares during the period. Blair William & Co. IL boosted its stake in The PNC Financial Services Group by 216.5% during the second quarter. Blair William & Co. IL now owns 45,739 shares of the financial services provider’s stock valued at $7,112,000 after buying an additional 31,289 shares in the last quarter. Vanguard Personalized Indexing Management LLC grew its holdings in The PNC Financial Services Group by 13.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 32,902 shares of the financial services provider’s stock worth $5,092,000 after acquiring an additional 3,815 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of The PNC Financial Services Group by 7.3% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 13,387 shares of the financial services provider’s stock worth $2,081,000 after purchasing an additional 908 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its holdings in shares of The PNC Financial Services Group by 9.9% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 29,510 shares of the financial services provider’s stock worth $4,588,000 after purchasing an additional 2,670 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $181.49 on Wednesday. The company has a market cap of $72.22 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.97 and a beta of 1.14. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $185.84. The firm’s 50-day moving average is $176.01 and its 200-day moving average is $162.36.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same period in the previous year, the business earned $3.36 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. Equities research analysts anticipate 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 issued a $1.60 dividend. The ex-dividend date was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.53%. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PNC. Royal Bank of Canada lifted their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Jefferies Financial Group raised their price objective on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley increased their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. UBS Group lifted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group decreased their price objective on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $176.90.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the transaction, the chief executive officer now owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Insiders sold 25,263 shares of company stock worth $4,418,109 in the last 90 days. 0.42% of the stock is owned by company insiders.

The PNC Financial Services Group Company Profile

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.