Pendal Group Ltd lessened its stake in PNC Financial Services Group Inc (NYSE:PNC) by 27.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,610 shares of the financial services provider’s stock after selling 1,341 shares during the quarter. Pendal Group Ltd’s holdings in PNC Financial Services Group were worth $496,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Field & Main Bank acquired a new stake in PNC Financial Services Group in the 1st quarter valued at about $25,000. Penserra Capital Management LLC acquired a new stake in PNC Financial Services Group in the 1st quarter valued at about $25,000. IMA Wealth Inc. acquired a new stake in PNC Financial Services Group in the 1st quarter valued at about $25,000. Westside Investment Management Inc. acquired a new stake in PNC Financial Services Group in the 2nd quarter valued at about $29,000. Finally, Meridian Wealth Management LLC acquired a new stake in PNC Financial Services Group in the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 81.65% of the company’s stock.
In other PNC Financial Services Group news, CEO William S. Demchak sold 75,000 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $140.63, for a total transaction of $10,547,250.00. Following the sale, the chief executive officer now directly owns 657,179 shares of the company’s stock, valued at approximately $92,419,082.77. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gregory H. Kozich sold 10,000 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $139.82, for a total transaction of $1,398,200.00. Following the sale, the insider now directly owns 20,080 shares in the company, valued at $2,807,585.60. The disclosure for this sale can be found here. Insiders have sold a total of 141,242 shares of company stock worth $19,853,468 over the last ninety days. 0.37% of the stock is owned by corporate insiders.
A number of brokerages recently commented on PNC. Morgan Stanley set a $141.00 price objective on shares of PNC Financial Services Group and gave the company a “hold” rating in a research note on Friday, August 9th. ValuEngine cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $143.41.
PNC Financial Services Group stock opened at $127.00 on Friday. PNC Financial Services Group Inc has a 12-month low of $108.45 and a 12-month high of $147.00. The stock has a market capitalization of $55.49 billion, a P/E ratio of 11.86, a P/E/G ratio of 1.62 and a beta of 1.07. The firm’s 50-day moving average is $137.92 and its two-hundred day moving average is $131.33. The company has a debt-to-equity ratio of 1.27, a current ratio of 0.90 and a quick ratio of 0.90.
PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.83 by $0.05. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period last year, the company earned $2.72 EPS. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, analysts forecast that PNC Financial Services Group Inc will post 11.28 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Friday, July 19th were paid a dividend of $1.15 per share. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. This represents a $4.60 annualized dividend and a dividend yield of 3.62%. The ex-dividend date was Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.95%.
About PNC Financial Services Group
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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