Sumitomo Life Insurance Co. Acquires 180 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Sumitomo Life Insurance Co. increased its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,100 shares of the financial services provider’s stock after purchasing an additional 180 shares during the period. Sumitomo Life Insurance Co.’s holdings in The PNC Financial Services Group were worth $1,128,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Bank & Trust Co bought a new position in The PNC Financial Services Group during the second quarter worth $26,000. ORG Partners LLC grew its stake in shares of The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the period. LRI Investments LLC bought a new position in The PNC Financial Services Group in the first quarter worth approximately $28,000. Palisade Asset Management LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter valued at $29,000. Finally, Y.D. More Investments Ltd bought a new stake in The PNC Financial Services Group during the 2nd quarter worth approximately $33,000. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Stephens lifted their price target on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the company an “underperform” rating in a research report on Wednesday. Barclays raised their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, The Goldman Sachs Group reduced their target price on shares of 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 research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $185.71.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $180.48, for a total transaction of $224,156.16. Following the completion of the transaction, the chief executive officer now owns 560,911 shares of the company’s stock, valued at approximately $101,233,217.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $180.48, for a total transaction of $224,156.16. Following the sale, the chief executive officer now owns 560,911 shares in the company, valued at approximately $101,233,217.28. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction 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 completion of the transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,662 shares of company stock valued at $4,442,555 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Down 1.3 %

PNC stock opened at $189.92 on Thursday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $196.64. The firm has a market capitalization of $75.57 billion, a PE ratio of 15.95, a PEG ratio of 2.01 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The stock has a 50-day simple moving average of $180.07 and a two-hundred day simple moving average of $166.78.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. 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 $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the firm posted $3.60 EPS. The PNC Financial Services Group’s revenue was up 3.8% on a year-over-year basis. On average, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.18 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be paid a $1.60 dividend. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.37%. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

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.