The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Acquired by Crossmark Global Holdings Inc.

Crossmark Global Holdings Inc. lifted its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 35.5% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 47,664 shares of the financial services provider’s stock after purchasing an additional 12,495 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in The PNC Financial Services Group were worth $7,411,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PNC. Smith Salley Wealth Management boosted its holdings in The PNC Financial Services Group by 5.1% in the second quarter. Smith Salley Wealth Management now owns 60,928 shares of the financial services provider’s stock valued at $9,473,000 after acquiring an additional 2,930 shares during the last quarter. Washington Trust Bank boosted its holdings in The PNC Financial Services Group by 1.7% in the second quarter. Washington Trust Bank now owns 91,337 shares of the financial services provider’s stock valued at $14,201,000 after acquiring an additional 1,532 shares during the last quarter. F M Investments LLC acquired a new position in The PNC Financial Services Group in the second quarter valued at $2,625,000. Argyle Capital Management Inc. boosted its holdings in The PNC Financial Services Group by 1.2% in the second quarter. Argyle Capital Management Inc. now owns 33,343 shares of the financial services provider’s stock valued at $5,184,000 after acquiring an additional 400 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in The PNC Financial Services Group by 4.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 158,671 shares of the financial services provider’s stock valued at $24,670,000 after acquiring an additional 7,232 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 1.2 %

Shares of NYSE PNC traded up $2.13 during midday trading on Friday, reaching $185.17. 1,978,267 shares of the company’s stock were exchanged, compared to its average volume of 1,889,618. 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 stock has a market capitalization of $73.68 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 1.92 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $185.57. The business’s fifty day moving average price is $169.52 and its two-hundred day moving average price is $159.10.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The PNC Financial Services Group’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the company earned $3.36 earnings per share. Analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.46%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insider Activity at The PNC Financial Services Group

In related news, 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 completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 that occurred on Friday, July 12th. The stock was sold at an average price of $167.50, for a total value of $208,035.00. Following the completion of the transaction, the chief executive officer now directly owns 563,395 shares in the company, valued at $94,368,662.50. The sale 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 PNC Financial Services Group stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value 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. Insiders sold a total of 24,021 shares of company stock valued at $4,190,611 over the last three months. 0.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PNC. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Citigroup boosted their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Barclays boosted their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group boosted their price objective on The PNC Financial Services Group from $165.00 to $182.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $177.02.

The PNC Financial Services Group 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.