Massachusetts Financial Services Co. MA Trims Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Massachusetts Financial Services Co. MA cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 3.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,812,195 shares of the financial services provider's stock after selling 271,387 shares during the period. Massachusetts Financial Services Co. MA owned 1.72% of The PNC Financial Services Group worth $1,259,234,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. LPL Financial LLC boosted its position in shares of The PNC Financial Services Group by 5.2% during the third quarter. LPL Financial LLC now owns 628,897 shares of the financial services provider's stock valued at $116,252,000 after purchasing an additional 31,318 shares in the last quarter. Cornerstone Advisors LLC boosted its holdings in shares of The PNC Financial Services Group by 1.5% during the 3rd quarter. Cornerstone Advisors LLC now owns 20,200 shares of the financial services provider's stock valued at $3,734,000 after buying an additional 300 shares in the last quarter. Citizens Financial Group Inc. RI grew its position in shares of The PNC Financial Services Group by 1.1% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 16,354 shares of the financial services provider's stock worth $3,023,000 after buying an additional 185 shares during the period. Altman Advisors Inc. lifted its holdings in shares of The PNC Financial Services Group by 0.5% during the third quarter. Altman Advisors Inc. now owns 10,506 shares of the financial services provider's stock valued at $1,942,000 after purchasing an additional 56 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its stake in The PNC Financial Services Group by 79.0% during the third quarter. First Horizon Advisors Inc. now owns 11,670 shares of the financial services provider's stock valued at $2,157,000 after buying an additional 5,150 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $208.12, for a total value of $258,485.04. Following the completion of the sale, the chief executive officer now owns 536,249 shares in the company, valued at approximately $111,604,141.88. 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 is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was 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 in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,788 shares of company stock valued at $5,535,978. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $203.95 on Thursday. The company has a market cap of $80.92 billion, a price-to-earnings ratio of 17.24, a PEG ratio of 2.14 and a beta of 1.13. The stock's 50 day simple moving average is $189.79 and its two-hundred day simple moving average is $173.99. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc. has a 1 year low of $127.08 and a 1 year high of $214.19.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $5.43 billion for the quarter, compared to the consensus estimate 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 company's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the prior year, the business posted $3.60 earnings per share. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed 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 3.14%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group's payout ratio is currently 54.10%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNC. Morgan Stanley raised their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an "underweight" rating in a report on Wednesday, October 16th. Compass Point cut shares of The PNC Financial Services Group from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 22nd. Stephens upped their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. Bank of America raised shares of The PNC Financial Services Group from a "neutral" rating to a "buy" rating and raised their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Keefe, Bruyette & Woods upped their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the company an "underperform" rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $186.96.

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.

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