IndexIQ Advisors LLC bought a new stake in PNC Financial Services Group Inc (NYSE:PNC) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 36,196 shares of the financial services provider’s stock, valued at approximately $4,440,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Private Ocean LLC boosted its position in PNC Financial Services Group by 63.5% during the first quarter. Private Ocean LLC now owns 322 shares of the financial services provider’s stock valued at $39,000 after buying an additional 125 shares during the period. Toronto Dominion Bank boosted its position in PNC Financial Services Group by 15.7% during the first quarter. Toronto Dominion Bank now owns 308,821 shares of the financial services provider’s stock valued at $37,870,000 after buying an additional 42,014 shares during the period. Wrapmanager Inc. boosted its position in PNC Financial Services Group by 15.6% during the first quarter. Wrapmanager Inc. now owns 3,540 shares of the financial services provider’s stock valued at $434,000 after buying an additional 479 shares during the period. Chilton Investment Co. LLC boosted its position in PNC Financial Services Group by 36.5% during the first quarter. Chilton Investment Co. LLC now owns 271,432 shares of the financial services provider’s stock valued at $33,294,000 after buying an additional 72,634 shares during the period. Finally, Mn Services Vermogensbeheer B.V. boosted its position in PNC Financial Services Group by 0.9% during the first quarter. Mn Services Vermogensbeheer B.V. now owns 259,491 shares of the financial services provider’s stock valued at $31,829,000 after buying an additional 2,200 shares during the period. 82.67% of the stock is currently owned by institutional investors and hedge funds.

In other PNC Financial Services Group news, Director Martin Pfinsgraff bought 500 shares of the firm’s stock in a transaction on Thursday, February 21st. The stock was acquired at an average price of $125.69 per share, with a total value of $62,845.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Joseph E. Rockey sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $135.00, for a total transaction of $810,000.00. Following the transaction, the insider now directly owns 24,747 shares of the company’s stock, valued at approximately $3,340,845. The disclosure for this sale can be found here. Company insiders own 0.37% of the company’s stock.

PNC has been the subject of several analyst reports. Royal Bank of Canada cut their price target on shares of PNC Financial Services Group to $150.00 and set an “average” rating for the company in a research report on Thursday, January 17th. Morgan Stanley increased their target price on shares of PNC Financial Services Group from $138.00 to $142.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. Barclays increased their target price on shares of PNC Financial Services Group from $156.00 to $157.00 and gave the stock an “equal weight” rating in a report on Monday, April 15th. ValuEngine upgraded shares of PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Thursday, April 18th. Finally, UBS Group set a $133.00 target price on shares of PNC Financial Services Group and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Twelve analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $143.63.

PNC Financial Services Group stock opened at $129.76 on Thursday. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 1.23. The stock has a market cap of $58.36 billion, a PE ratio of 12.12, a PEG ratio of 1.49 and a beta of 1.09. PNC Financial Services Group Inc has a 1-year low of $108.45 and a 1-year high of $152.25.

PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, April 12th. The financial services provider reported $2.61 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $2.61. PNC Financial Services Group had a net margin of 25.93% and a return on equity of 11.20%. The company had revenue of $4.29 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the business posted $2.43 earnings per share. Sell-side analysts predict that PNC Financial Services Group Inc will post 11.35 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Tuesday, April 16th were issued a $0.95 dividend. The ex-dividend date of this dividend was Monday, April 15th. This represents a $3.80 annualized dividend and a yield of 2.93%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 35.48%.

WARNING: “36,196 Shares in PNC Financial Services Group Inc (PNC) Purchased by IndexIQ Advisors LLC” was reported by Marea Informative and is owned by of Marea Informative. If you are reading this piece of content on another site, it was copied illegally and republished in violation of US & international trademark & copyright law. The correct version of this piece of content can be viewed at https://www.mareainformativa.com/news/2019/05/16/36196-shares-in-pnc-financial-services-group-inc-pnc-purchased-by-indexiq-advisors-llc.html.

About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

Featured Story: What is Elliott Wave theory?

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

Receive News & Ratings for PNC Financial Services Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PNC Financial Services Group and related companies with MarketBeat.com's FREE daily email newsletter.