Fmr LLC Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Fmr LLC reduced its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.7% during the third quarter, HoldingsChannel reports. The firm owned 16,706,273 shares of the financial services provider’s stock after selling 457,703 shares during the quarter. Fmr LLC’s holdings in The PNC Financial Services Group were worth $3,088,154,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its holdings in The PNC Financial Services Group by 45.6% in the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock valued at $1,185,000 after purchasing an additional 2,009 shares during the last quarter. BSN CAPITAL PARTNERS Ltd acquired a new position in shares of The PNC Financial Services Group in the 3rd quarter valued at approximately $12,548,000. Bleakley Financial Group LLC boosted its stake in shares of The PNC Financial Services Group by 9.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock valued at $2,913,000 after buying an additional 1,299 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at approximately $822,000. Finally, Manning & Napier Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $18,159,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $205.98, for a total value of $255,827.16. Following the completion of the sale, the chief executive officer now owns 535,007 shares in the company, valued at $110,200,741.86. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $210.09, for a total value of $3,048,195.81. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,788 shares of company stock worth $5,573,027 over the last ninety days. Company insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of a number of research analyst reports. The Goldman Sachs Group reduced their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Citigroup lifted their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday. 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 note on Wednesday, October 16th. Finally, Morgan Stanley lifted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” 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 issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $189.15.

The PNC Financial Services Group Stock Up 1.1 %

The PNC Financial Services Group stock opened at $212.39 on Tuesday. The firm has a market capitalization of $84.27 billion, a P/E ratio of 17.95, a P/E/G ratio of 2.20 and a beta of 1.13. The company has a 50-day simple moving average of $191.64 and a 200-day simple moving average of $175.22. The PNC Financial Services Group, Inc. has a one year low of $127.49 and a one year high of $214.64. 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 PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results 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 company had revenue of $5.43 billion for the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.60 earnings per share. As a group, equities analysts expect that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a dividend of $1.60 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 annualized dividend and a yield of 3.01%. The PNC Financial Services Group’s payout ratio is 54.10%.

About The PNC Financial Services Group

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.