Icon Advisers Inc. Co. Lowers Stake in PNC Financial Services Group Inc (NYSE:PNC)

Icon Advisers Inc. Co. lessened its position in shares of PNC Financial Services Group Inc (NYSE:PNC) by 2.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,110 shares of the financial services provider’s stock after selling 200 shares during the period. Icon Advisers Inc. Co.’s holdings in PNC Financial Services Group were worth $1,251,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of PNC. Thoroughbred Financial Services LLC grew its position in PNC Financial Services Group by 13,808.1% during the second quarter. Thoroughbred Financial Services LLC now owns 1,885,933 shares of the financial services provider’s stock valued at $188,593,000 after acquiring an additional 1,872,373 shares during the period. FMR LLC grew its position in PNC Financial Services Group by 3.8% during the first quarter. FMR LLC now owns 11,267,238 shares of the financial services provider’s stock valued at $1,382,040,000 after acquiring an additional 407,250 shares during the period. Hexavest Inc. purchased a new stake in PNC Financial Services Group during the second quarter valued at about $53,247,000. American Century Companies Inc. grew its position in PNC Financial Services Group by 8.9% during the first quarter. American Century Companies Inc. now owns 4,353,354 shares of the financial services provider’s stock valued at $533,982,000 after acquiring an additional 357,041 shares during the period. Finally, Geode Capital Management LLC grew its position in PNC Financial Services Group by 6.2% during the fourth quarter. Geode Capital Management LLC now owns 5,547,745 shares of the financial services provider’s stock valued at $647,356,000 after acquiring an additional 323,714 shares during the period. 81.65% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE:PNC traded up $2.26 during trading on Friday, hitting $127.00. The company’s stock had a trading volume of 1,845,300 shares, compared to its average volume of 2,097,137. The company has a debt-to-equity ratio of 1.27, a quick ratio of 0.90 and a current ratio of 0.90. PNC Financial Services Group Inc has a fifty-two week low of $108.45 and a fifty-two week high of $147.00. The stock’s 50-day moving average price is $137.92 and its two-hundred day moving average price is $131.33. The company has a market capitalization of $55.49 billion, a PE ratio of 11.86, a PEG ratio of 1.62 and a beta of 1.07.

PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.05. PNC Financial Services Group had a return on equity of 11.10% and a net margin of 25.46%. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the firm posted $2.72 earnings per share. The company’s revenue was up 2.7% compared to the same quarter last year. On average, equities analysts predict that PNC Financial Services Group Inc will post 11.28 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Friday, July 19th were paid a $1.15 dividend. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date was Thursday, July 18th. This represents a $4.60 annualized dividend and a dividend yield of 3.62%. PNC Financial Services Group’s payout ratio is 42.95%.

In related news, insider Karen L. Larrimer sold 7,806 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $142.27, for a total value of $1,110,559.62. Following the transaction, the insider now owns 30,978 shares in the company, valued at $4,407,240.06. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Gregory H. Kozich sold 10,000 shares of the business’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $139.82, for a total value of $1,398,200.00. Following the completion of the transaction, the insider now owns 20,080 shares in the company, valued at approximately $2,807,585.60. The disclosure for this sale can be found here. In the last quarter, insiders sold 141,242 shares of company stock worth $19,853,468. Insiders own 0.37% of the company’s stock.

A number of equities research analysts have issued reports on PNC shares. Morgan Stanley set a $141.00 price target on PNC Financial Services Group and gave the company a “hold” rating in a research report on Friday, August 9th. ValuEngine cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. boosted their price objective on PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the stock. PNC Financial Services Group currently has a consensus rating of “Hold” and a consensus price target of $143.41.

PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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