Harvest Fund Management Co. Ltd Invests $171,000 in The PNC Financial Services Group, Inc. (NYSE:PNC)

Harvest Fund Management Co. Ltd bought a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 926 shares of the financial services provider’s stock, valued at approximately $171,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. B. Riley Wealth Advisors Inc. increased its holdings in shares of The PNC Financial Services Group by 13.1% during the first quarter. B. Riley Wealth Advisors Inc. now owns 13,755 shares of the financial services provider’s stock valued at $2,223,000 after acquiring an additional 1,596 shares in the last quarter. New Covenant Trust Company N.A. acquired a new position in The PNC Financial Services Group during the 1st quarter valued at approximately $52,000. LRI Investments LLC purchased a new position in The PNC Financial Services Group in the 1st quarter worth $28,000. Sanibel Captiva Trust Company Inc. lifted its position in The PNC Financial Services Group by 15.2% during the 1st quarter. Sanibel Captiva Trust Company Inc. now owns 19,190 shares of the financial services provider’s stock worth $3,101,000 after acquiring an additional 2,532 shares during the period. Finally, Swedbank AB purchased a new stake in The PNC Financial Services Group during the 1st quarter valued at about $34,724,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $205.98, for a total transaction of $255,827.16. Following the completion of the sale, the chief executive officer now directly owns 535,007 shares in the company, valued at approximately $110,200,741.86. The trade was a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $210.09, for a total value of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,788 shares of company stock valued at $5,573,027 over the last 90 days. Corporate insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on PNC. Citigroup lifted their target price on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday. Wells Fargo & Company lifted their price objective on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Stephens upped their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods raised their target price on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Finally, Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $189.15.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $215.00 on Thursday. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a 12-month low of $127.83 and a 12-month high of $216.18. The business’s 50 day moving average is $192.94 and its two-hundred day moving average is $175.90. The company has a market capitalization of $85.31 billion, a P/E ratio of 18.17, a P/E/G ratio of 2.22 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results 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 firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the firm posted $3.60 EPS. Analysts expect that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 2.98%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 54.10%.

The PNC Financial Services Group Company 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.