D.B. Root & Company LLC Sells 2,967 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

D.B. Root & Company LLC cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 33.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,827 shares of the financial services provider’s stock after selling 2,967 shares during the quarter. D.B. Root & Company LLC’s holdings in The PNC Financial Services Group were worth $906,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of PNC. Tennessee Valley Asset Management Partners bought a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $26,000. Bank & Trust Co bought a new stake in The PNC Financial Services Group during the second quarter valued at approximately $26,000. LRI Investments LLC bought a new stake in The PNC Financial Services Group during the first quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group during the first quarter valued at approximately $29,000. Finally, Core Wealth Advisors Inc. bought a new stake in The PNC Financial Services Group during the fourth quarter valued at approximately $31,000. 83.53% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the sale, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,295 shares of company stock valued at $3,547,181. 0.42% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Jefferies Financial Group boosted their price objective on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Citigroup lifted their target price on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Finally, Bank of America boosted their price objective on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a research report on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $176.09.

The PNC Financial Services Group Stock Performance

Shares of PNC traded down $2.90 on Monday, reaching $167.02. The company’s stock had a trading volume of 1,767,668 shares, compared to its average volume of 1,930,671. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The stock has a market capitalization of $66.46 billion, a P/E ratio of 14.02, a PEG ratio of 2.17 and a beta of 1.15. The stock’s 50 day simple moving average is $163.82 and its two-hundred day simple moving average is $156.87. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $182.84.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s revenue was up 2.2% compared to the same quarter last year. During the same quarter last year, the firm posted $3.36 earnings per share. Research analysts forecast that The PNC Financial Services Group, Inc. will post 13.04 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.83%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

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.