Northeast Financial Group Inc. Decreases Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Northeast Financial Group Inc. trimmed its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,763 shares of the financial services provider’s stock after selling 231 shares during the period. Northeast Financial Group Inc.’s holdings in The PNC Financial Services Group were worth $326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Coastline Trust Co purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at $104,000. Gouws Capital LLC purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at $203,000. Valley Wealth Managers Inc. raised its holdings in The PNC Financial Services Group by 20,000.0% during the 3rd quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after buying an additional 200 shares during the period. Empowered Funds LLC raised its holdings in The PNC Financial Services Group by 448.1% during the 3rd quarter. Empowered Funds LLC now owns 33,281 shares of the financial services provider’s stock valued at $6,152,000 after buying an additional 27,209 shares during the period. Finally, Empirical Finance LLC raised its holdings in The PNC Financial Services Group by 2.0% during the 3rd quarter. Empirical Finance LLC now owns 13,989 shares of the financial services provider’s stock valued at $2,586,000 after buying an additional 276 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

PNC opened at $207.68 on Friday. The PNC Financial Services Group, Inc. has a 12-month low of $127.08 and a 12-month high of $214.19. The business’s fifty day simple moving average is $188.25 and its 200-day simple moving average is $172.80. The company has a market capitalization of $82.40 billion, a price-to-earnings ratio of 17.56, a PEG ratio of 2.21 and a beta of 1.13. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates 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 company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter last year, the company earned $3.60 earnings per share. The firm’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.46 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Activity at The PNC Financial Services Group

In related news, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the sale, the director now owns 915 shares of the company’s stock, valued at $170,299.80. This trade represents a 48.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of the firm’s stock in a transaction dated 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. The trade was a 27.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,546 shares of company stock valued at $5,277,493 over the last quarter. 0.42% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on PNC shares. Stephens upped their price objective on The PNC Financial Services Group from $185.00 to $200.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. 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. 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. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, The PNC Financial Services Group currently has an average rating of “Hold” and an average price target of $186.96.

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.