Eastern Bank Purchases 236,272 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Eastern Bank raised its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1,884.1% during the third quarter, Holdings Channel reports. The institutional investor owned 248,812 shares of the financial services provider’s stock after buying an additional 236,272 shares during the quarter. Eastern Bank’s holdings in The PNC Financial Services Group were worth $45,993,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. ORG Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares during the period. Bank & Trust Co bought a new position in The PNC Financial Services Group in the 2nd quarter worth about $26,000. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth approximately $28,000. Palisade Asset Management LLC purchased a new position in shares of The PNC Financial Services Group in the first quarter worth $29,000. Finally, Y.D. More Investments Ltd acquired a new stake in The PNC Financial Services Group during the second quarter valued at $33,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.0 %

Shares of The PNC Financial Services Group stock traded down $0.05 on Tuesday, hitting $185.59. 414,110 shares of the company’s stock traded hands, compared to its average volume of 1,861,304. The stock has a market capitalization of $73.77 billion, a PE ratio of 15.71, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.82. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $196.64. The firm’s 50-day moving average price is $181.20 and its two-hundred day moving average price is $167.47.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The firm had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the company earned $3.60 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. On average, research analysts expect that The PNC Financial Services Group, Inc. will post 13.3 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be given a dividend of $1.60 per share. The ex-dividend date is Wednesday, October 16th. This represents a $6.40 annualized dividend and a yield of 3.45%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 54.10%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $190.57, for a total transaction of $236,687.94. Following the completion of the sale, the chief executive officer now owns 546,007 shares in the company, valued at $104,052,553.99. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $190.57, for a total transaction of $236,687.94. Following the completion of the sale, the chief executive officer now owns 546,007 shares in the company, valued at $104,052,553.99. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group 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 sale, the president now owns 199,095 shares in the company, valued at $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,662 shares of company stock valued at $4,459,819. 0.42% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Royal Bank of Canada lifted their price target on shares of 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. The Goldman Sachs Group cut their price target on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Stephens increased their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Finally, Citigroup lifted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and an average target price of $185.71.

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.