Pinnacle Financial Partners Inc trimmed its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 75.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,047 shares of the financial services provider's stock after selling 12,185 shares during the quarter. Pinnacle Financial Partners Inc's holdings in The PNC Financial Services Group were worth $748,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC boosted its stake in shares of The PNC Financial Services Group by 8.7% in the first quarter. Empowered Funds LLC now owns 5,322 shares of the financial services provider's stock worth $860,000 after buying an additional 426 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group by 3.1% in the 1st quarter. Kingsview Wealth Management LLC now owns 17,955 shares of the financial services provider's stock valued at $2,902,000 after purchasing an additional 541 shares during the last quarter. Orion Portfolio Solutions LLC lifted its position in The PNC Financial Services Group by 1.8% during the 1st quarter. Orion Portfolio Solutions LLC now owns 44,457 shares of the financial services provider's stock worth $7,184,000 after acquiring an additional 796 shares during the period. ProVise Management Group LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at approximately $203,000. Finally, M&G Plc purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $5,945,000. Hedge funds and other institutional investors own 83.53% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have weighed in on PNC shares. Barclays increased their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an "overweight" rating in a research note on Wednesday, October 16th. The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a "neutral" rating for the company in a research note on Wednesday, September 11th. Stephens boosted 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 report on Wednesday, October 16th. Evercore ISI increased their target price on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an "overweight" rating in a research note on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $186.96.
View Our Latest Report on PNC
The PNC Financial Services Group Stock Down 0.4 %
Shares of NYSE PNC traded down $0.83 on Friday, hitting $207.13. The company had a trading volume of 810,569 shares, compared to its average volume of 1,866,995. 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 business has a 50 day moving average of $187.63 and a two-hundred day moving average of $172.44. The firm has a market capitalization of $82.19 billion, a P/E ratio of 17.71, a PEG ratio of 2.21 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 12-month low of $127.08 and a 12-month high of $214.19.
The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion during 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 PNC Financial Services Group's 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 research analysts forecast that The PNC Financial Services Group, Inc. will post 13.46 earnings per share for the current fiscal year.
The PNC Financial Services Group Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 annualized dividend and a yield of 3.09%. The PNC Financial Services Group's dividend payout ratio is currently 54.10%.
Insider Activity at The PNC Financial Services Group
In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $190.57, for a total transaction of $236,687.94. Following the sale, the chief executive officer now directly owns 546,007 shares of the company's stock, valued at approximately $104,052,553.99. This represents a 0.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm's 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 sale, 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 quarter, insiders sold 26,546 shares of company stock worth $5,277,493. 0.42% of the stock is owned by insiders.
About The PNC Financial Services Group
(
Free Report)
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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