HM Payson & Co. Maintains Stake in PNC Financial Services Group, Inc. (The) (PNC)

HM Payson & Co. held its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,887 shares of the financial services provider’s stock at the end of the second quarter. HM Payson & Co.’s holdings in PNC Financial Services Group, Inc. (The) were worth $361,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of PNC Financial Services Group, Inc. (The) by 2,833.1% in the 1st quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock valued at $3,262,582,000 after buying an additional 26,208,815 shares during the last quarter. FMR LLC boosted its holdings in shares of PNC Financial Services Group, Inc. (The) by 19.4% in the 1st quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock valued at $1,654,586,000 after buying an additional 2,239,716 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.6% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,268,778 shares of the financial services provider’s stock valued at $1,114,478,000 after buying an additional 59,832 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of PNC Financial Services Group, Inc. (The) by 1.2% in the 1st quarter. Bank of New York Mellon Corp now owns 5,951,738 shares of the financial services provider’s stock valued at $715,638,000 after buying an additional 69,815 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of PNC Financial Services Group, Inc. (The) by 8.5% in the 1st quarter. Geode Capital Management LLC now owns 4,570,121 shares of the financial services provider’s stock valued at $548,698,000 after buying an additional 357,192 shares during the last quarter. 81.18% of the stock is owned by institutional investors.

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In related news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

PNC Financial Services Group, Inc. (NYSE:PNC) opened at 121.51 on Monday. The stock has a market cap of $58.23 billion, a PE ratio of 15.46 and a beta of 0.93. The stock’s 50 day moving average price is $127.84 and its 200-day moving average price is $123.83. PNC Financial Services Group, Inc. has a 12 month low of $87.04 and a 12 month high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last issued its quarterly earnings data on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. During the same quarter in the previous year, the company posted $1.82 earnings per share. PNC Financial Services Group, Inc. (The)’s revenue was up 7.0% compared to the same quarter last year. Analysts anticipate that PNC Financial Services Group, Inc. will post $8.39 EPS for the current fiscal year.

PNC Financial Services Group, Inc. (The) declared that its board has authorized a stock buyback plan on Wednesday, June 28th that authorizes the company to buyback $2.70 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Several research firms have recently commented on PNC. Wells Fargo & Company began coverage on PNC Financial Services Group, Inc. (The) in a report on Wednesday, August 9th. They issued a “market perform” rating and a $119.00 price objective for the company. Zacks Investment Research downgraded PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Thursday, August 3rd. BidaskClub raised PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Deutsche Bank AG reissued a “buy” rating and issued a $130.00 price objective (up previously from $120.00) on shares of PNC Financial Services Group, Inc. (The) in a report on Tuesday, July 25th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $136.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, August 11th. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. PNC Financial Services Group, Inc. (The) currently has an average rating of “Hold” and an average target price of $124.12.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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