Rafferty Asset Management LLC Has $21.86 Million Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Rafferty Asset Management LLC raised its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,197 shares of the financial services provider’s stock after purchasing an additional 7,565 shares during the period. Rafferty Asset Management LLC’s holdings in The PNC Financial Services Group were worth $21,864,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PNC. Jump Financial LLC bought a new position in The PNC Financial Services Group in the third quarter valued at about $616,000. Merit Financial Group LLC increased its position in The PNC Financial Services Group by 41.9% during the 3rd quarter. Merit Financial Group LLC now owns 2,746 shares of the financial services provider’s stock worth $337,000 after purchasing an additional 811 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in The PNC Financial Services Group by 5.4% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 17,480 shares of the financial services provider’s stock valued at $2,146,000 after purchasing an additional 898 shares during the last quarter. Avantax Advisory Services Inc. boosted its position in The PNC Financial Services Group by 4.8% in the third quarter. Avantax Advisory Services Inc. now owns 37,444 shares of the financial services provider’s stock valued at $4,597,000 after buying an additional 1,712 shares in the last quarter. Finally, J.P. Morgan Private Wealth Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the third quarter worth $23,012,000. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PNC. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Bank of America boosted their price target on The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. lowered their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price target for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $157.02.

The PNC Financial Services Group Trading Down 1.5 %

NYSE PNC traded down $2.35 during trading hours on Monday, hitting $155.04. 1,450,489 shares of the company’s stock were exchanged, compared to its average volume of 1,958,298. The firm has a market cap of $61.69 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 3.04 and a beta of 1.16. The stock has a 50-day simple moving average of $155.99 and a 200 day simple moving average of $150.33. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share for the quarter, beating the consensus estimate of $3.09 by $0.01. The company had revenue of $5.15 billion during the quarter, compared to analyst estimates of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The PNC Financial Services Group’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.98 EPS. On average, equities analysts forecast that The PNC Financial Services Group, Inc. will post 12.63 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Monday, April 15th were given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a yield of 4.00%. The ex-dividend date was Friday, April 12th. The PNC Financial Services Group’s payout ratio is 52.06%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares in the company, valued at approximately $545,856.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.

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.