PNC Financial Services Group Inc (PNC) Position Reduced by Citizens Financial Group Inc RI

Citizens Financial Group Inc RI reduced its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 23.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 69,495 shares of the financial services provider’s stock after selling 20,812 shares during the quarter. Citizens Financial Group Inc RI’s holdings in PNC Financial Services Group were worth $9,464,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Jennison Associates LLC raised its stake in shares of PNC Financial Services Group by 5.7% in the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock valued at $880,971,000 after buying an additional 353,976 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of PNC Financial Services Group by 1.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,960,617 shares of the financial services provider’s stock valued at $264,880,000 after buying an additional 23,938 shares during the period. Janus Henderson Group PLC raised its stake in shares of PNC Financial Services Group by 37.6% in the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock valued at $216,609,000 after buying an additional 437,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its stake in shares of PNC Financial Services Group by 4.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,505,695 shares of the financial services provider’s stock valued at $203,419,000 after buying an additional 66,364 shares during the period. Finally, Provident Trust Co. raised its stake in shares of PNC Financial Services Group by 2.9% in the third quarter. Provident Trust Co. now owns 1,365,131 shares of the financial services provider’s stock valued at $185,917,000 after buying an additional 38,183 shares during the period. Institutional investors and hedge funds own 79.84% of the company’s stock.

In related news, EVP Robert Q. Reilly sold 24,710 shares of the business’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the sale, the executive vice president now directly owns 131,020 shares in the company, valued at approximately $18,406,999.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

NYSE:PNC opened at $129.88 on Monday. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.89 and a current ratio of 0.90. PNC Financial Services Group Inc has a 52-week low of $116.55 and a 52-week high of $163.59. The firm has a market cap of $60.30 billion, a P/E ratio of 15.28, a P/E/G ratio of 1.28 and a beta of 0.92.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.73 by $0.09. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. The company had revenue of $4.36 billion for the quarter, compared to analyst estimates of $4.32 billion. During the same period in the previous year, the company posted $2.16 EPS. Research analysts forecast that PNC Financial Services Group Inc will post 10.75 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 5th. Investors of record on Wednesday, October 17th will be paid a dividend of $0.95 per share. The ex-dividend date is Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.93%. PNC Financial Services Group’s payout ratio is 44.71%.

Several analysts have issued reports on PNC shares. ValuEngine lowered PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Friday, October 12th. Morgan Stanley lowered their target price on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating on the stock in a research note on Monday, October 15th. Deutsche Bank upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research note on Monday, October 15th. Sanford C. Bernstein upgraded PNC Financial Services Group from a “market perform” rating to an “outperform” rating and lowered their target price for the company from $158.00 to $145.00 in a research note on Monday, October 15th. Finally, BMO Capital Markets lowered their target price on PNC Financial Services Group to $139.00 and set an “outperform” rating on the stock in a research note on Monday, October 15th. They noted that the move was a valuation call. Twelve research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $155.50.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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