The PNC Financial Services Group, Inc. (NYSE:PNC) is Empire Life Investments Inc.’s 7th Largest Position

Empire Life Investments Inc. lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 16.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 244,695 shares of the financial services provider’s stock after selling 47,865 shares during the period. The PNC Financial Services Group comprises 2.8% of Empire Life Investments Inc.’s portfolio, making the stock its 7th largest holding. Empire Life Investments Inc.’s holdings in The PNC Financial Services Group were worth $45,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Capital International Investors boosted its stake in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock worth $2,556,195,000 after acquiring an additional 78,407 shares in the last quarter. Ameriprise Financial Inc. boosted its position in The PNC Financial Services Group by 0.4% during the second quarter. Ameriprise Financial Inc. now owns 4,802,981 shares of the financial services provider’s stock worth $746,772,000 after purchasing an additional 18,397 shares in the last quarter. Legal & General Group Plc grew its holdings in The PNC Financial Services Group by 6.8% in the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock valued at $544,335,000 after purchasing an additional 223,955 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of The PNC Financial Services Group by 4.7% in the second quarter. Dimensional Fund Advisors LP now owns 2,231,728 shares of the financial services provider’s stock valued at $346,926,000 after buying an additional 100,993 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of The PNC Financial Services Group by 24.1% during the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after buying an additional 262,654 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have weighed in on PNC. Stephens raised their target price on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. Evercore ISI raised their price objective on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Finally, Barclays upped their price objective 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. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $185.71.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $187.15 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $114.51 and a 1 year high of $196.64. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a 50 day moving average price of $183.94 and a 200 day moving average price of $169.50. The company has a market cap of $74.39 billion, a price-to-earnings ratio of 15.82, a PEG ratio of 2.00 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.60 EPS. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.34 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be issued a $1.60 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.42%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 54.10%.

Insider Activity

In other The PNC Financial Services Group news, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now directly owns 915 shares in the company, valued at $170,299.80. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $171.80, for a total transaction of $213,375.60. Following the sale, the chief executive officer now directly owns 557,185 shares in the company, valued at approximately $95,724,383. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the completion of the transaction, the director now owns 915 shares of the company’s stock, valued at approximately $170,299.80. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 13,279 shares of company stock valued at $2,418,591 in the last three months. Corporate insiders own 0.42% of the company’s stock.

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.