Boussard & Gavaudan Investment Management LLP Invests $12.74 Million in The PNC Financial Services Group, Inc. (NYSE:PNC)

Boussard & Gavaudan Investment Management LLP acquired a new stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) during the third quarter, HoldingsChannel reports. The firm acquired 69,188 shares of the financial services provider’s stock, valued at approximately $12,736,000. The PNC Financial Services Group accounts for 1.2% of Boussard & Gavaudan Investment Management LLP’s holdings, making the stock its 29th largest holding.

A number of other institutional investors and hedge funds have also modified their holdings of the company. RPg Family Wealth Advisory LLC bought a new stake in shares of The PNC Financial Services Group during the third quarter valued at approximately $141,000. CreativeOne Wealth LLC increased its position in shares of The PNC Financial Services Group by 81.2% during the third quarter. CreativeOne Wealth LLC now owns 4,708 shares of the financial services provider’s stock valued at $870,000 after purchasing an additional 2,110 shares during the period. Townsquare Capital LLC increased its position in shares of The PNC Financial Services Group by 25.6% during the third quarter. Townsquare Capital LLC now owns 18,204 shares of the financial services provider’s stock valued at $3,365,000 after purchasing an additional 3,711 shares during the period. Baldwin Investment Management LLC increased its position in shares of The PNC Financial Services Group by 4.1% during the third quarter. Baldwin Investment Management LLC now owns 4,403 shares of the financial services provider’s stock valued at $814,000 after purchasing an additional 175 shares during the period. Finally, Cadence Bank increased its position in shares of The PNC Financial Services Group by 3.9% during the third quarter. Cadence Bank now owns 5,057 shares of the financial services provider’s stock valued at $935,000 after purchasing an additional 188 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $186.45, for a total value of $231,570.90. Following the completion of the transaction, the chief executive officer now owns 550,975 shares of the company’s stock, valued at $102,729,288.75. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,788 shares of company stock valued at $5,573,027. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Up 0.4 %

Shares of PNC opened at $215.00 on Thursday. The company has a quick ratio of 0.81, a current 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 firm has a market capitalization of $85.31 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 2.22 and a beta of 1.13. The stock’s fifty day simple moving average is $192.94 and its 200-day simple moving average is $175.90.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating 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 firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. During the same quarter in the prior year, the firm posted $3.60 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

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

Analyst Upgrades and Downgrades

PNC has been the topic of a number of analyst reports. Barclays upped their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI upped their price target on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Morgan Stanley increased their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Citigroup increased 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. Finally, Stephens increased their target price on The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $189.15.

The PNC Financial Services Group 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.