OLD National Bancorp IN Makes New Investment in The PNC Financial Services Group, Inc. (NYSE:PNC)

OLD National Bancorp IN acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,068 shares of the financial services provider’s stock, valued at approximately $632,000.

A number of other institutional investors also recently modified their holdings of the company. Manning & Napier Advisors LLC acquired a new position in The PNC Financial Services Group during the second quarter worth $18,159,000. Juncture Wealth Strategies LLC bought a new position in The PNC Financial Services Group in the 2nd quarter valued at about $302,000. Jamison Private Wealth Management Inc. boosted its stake in The PNC Financial Services Group by 11.7% during the 2nd quarter. Jamison Private Wealth Management Inc. now owns 1,105 shares of the financial services provider’s stock valued at $172,000 after purchasing an additional 116 shares during the last quarter. Bourgeon Capital Management LLC raised its stake in shares of The PNC Financial Services Group by 1.4% in the second quarter. Bourgeon Capital Management LLC now owns 91,515 shares of the financial services provider’s stock worth $14,229,000 after purchasing an additional 1,240 shares during the last quarter. Finally, CX Institutional lifted its holdings in shares of The PNC Financial Services Group by 4.2% in the second quarter. CX Institutional now owns 2,383 shares of the financial services provider’s stock valued at $371,000 after purchasing an additional 96 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at The PNC Financial Services Group

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 completion of the transaction, the president now directly owns 199,095 shares in the company, valued at approximately $36,151,670.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,295 shares of company stock valued at $3,547,181. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

PNC traded down $0.33 during trading hours on Friday, hitting $169.95. The stock had a trading volume of 710,475 shares, compared to its average volume of 1,931,707. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $182.84. The company’s fifty day simple moving average is $163.58 and its 200 day simple moving average is $156.67. The stock has a market cap of $67.62 billion, a PE ratio of 14.27, a price-to-earnings-growth ratio of 2.26 and a beta of 1.15. 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping the consensus estimate of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The PNC Financial Services Group’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $3.36 EPS. Equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.02 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were given a dividend of $1.60 per share. The ex-dividend date of this dividend 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 annualized dividend and a dividend yield of 3.77%. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Analyst Ratings Changes

Several brokerages recently issued reports on PNC. Bank of America upped their price target on The PNC Financial Services Group from $169.00 to $185.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Barclays increased their target price on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods boosted their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. UBS Group increased their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Finally, Evercore ISI lifted their target price on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $176.09.

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.