Fortitude Family Office LLC Purchases 217 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Fortitude Family Office LLC grew its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 119.2% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 399 shares of the financial services provider’s stock after buying an additional 217 shares during the quarter. Fortitude Family Office LLC’s holdings in The PNC Financial Services Group were worth $74,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PNC. Traynor Capital Management Inc. purchased a new stake in The PNC Financial Services Group in the third quarter worth $227,000. Pallas Capital Advisors LLC grew its holdings in shares of The PNC Financial Services Group by 8.8% in the third quarter. Pallas Capital Advisors LLC now owns 24,668 shares of the financial services provider’s stock worth $4,661,000 after purchasing an additional 1,998 shares during the last quarter. Orrstown Financial Services Inc. purchased a new position in The PNC Financial Services Group in the 3rd quarter worth about $1,778,000. Patriot Financial Group Insurance Agency LLC lifted its holdings in The PNC Financial Services Group by 3.0% during the 3rd quarter. Patriot Financial Group Insurance Agency LLC now owns 3,599 shares of the financial services provider’s stock valued at $665,000 after buying an additional 105 shares in the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors boosted its position in The PNC Financial Services Group by 8.7% in the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 2,442 shares of the financial services provider’s stock valued at $451,000 after buying an additional 196 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $173.82, for a total transaction of $215,884.44. Following the completion of the sale, the chief executive officer now directly owns 559,669 shares in the company, valued at approximately $97,281,665.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the transaction, the director now directly owns 915 shares of the company’s stock, valued at approximately $170,299.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 2nd. The shares were sold at an average price of $173.82, for a total transaction of $215,884.44. Following the completion of the sale, the chief executive officer now directly owns 559,669 shares in the company, valued at $97,281,665.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 14,521 shares of company stock worth $2,634,475. 0.42% of the stock is owned by corporate insiders.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $187.97 on Wednesday. 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 firm has a market cap of $74.79 billion, a PE ratio of 15.78, a P/E/G ratio of 1.98 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 12 month low of $111.08 and a 12 month high of $196.64. The stock has a fifty day moving average price of $183.15 and a 200-day moving average price of $168.79.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the company earned $3.60 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Equities research analysts predict that The PNC Financial Services Group, Inc. will post 13.34 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be given a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PNC. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Jefferies Financial Group increased their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada lifted their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods increased 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. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $185.71.

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.