Advisors Asset Management Inc. Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Advisors Asset Management Inc. cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 27.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,152 shares of the financial services provider’s stock after selling 17,439 shares during the quarter. Advisors Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $8,346,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bank & Trust Co acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $26,000. ORG Partners LLC grew its position in shares of The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. LRI Investments LLC acquired a new stake in shares of The PNC Financial Services Group in the first quarter valued at approximately $28,000. Y.D. More Investments Ltd acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $33,000. Finally, Valley Wealth Managers Inc. grew its position in shares of The PNC Financial Services Group by 20,000.0% in the third quarter. Valley Wealth Managers Inc. now owns 201 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PNC has been the topic of several research reports. Stephens increased their price target on shares of 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. Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Barclays raised their target price on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 16th. Evercore ISI raised their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their target price for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $186.96.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $203.95 on Thursday. The company’s fifty day simple moving average is $189.79 and its 200-day simple moving average is $173.99. The PNC Financial Services Group, Inc. has a 52 week low of $127.08 and a 52 week high of $214.19. 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 company has a market cap of $80.92 billion, a PE ratio of 17.24, a P/E/G ratio of 2.14 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The business 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 firm posted $3.60 EPS. The business’s revenue for the quarter was up 3.8% compared to the same quarter last year. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a dividend of $1.60 per share. 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 dividend payout ratio (DPR) is 54.10%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the transaction, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at $101,604,582.17. This trade represents a 0.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the transaction, the director now directly owns 915 shares of the company’s stock, valued at approximately $170,299.80. This represents a 48.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,788 shares of company stock valued at $5,535,978 in the last quarter. Company 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.