Pinnacle Financial Partners Inc. decreased its position in PNC Financial Services Group Inc (NYSE:PNC) by 27.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 3,198 shares of the financial services provider’s stock after selling 1,216 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in PNC Financial Services Group were worth $439,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in PNC. IMA Wealth Inc. acquired a new stake in PNC Financial Services Group in the 1st quarter valued at about $25,000. Penserra Capital Management LLC bought a new stake in shares of PNC Financial Services Group during the 1st quarter valued at $25,000. Westside Investment Management Inc. bought a new stake in shares of PNC Financial Services Group during the 2nd quarter valued at $29,000. Meridian Wealth Management LLC acquired a new position in shares of PNC Financial Services Group in the 1st quarter valued at $33,000. Finally, Private Ocean LLC lifted its stake in shares of PNC Financial Services Group by 63.5% in the 1st quarter. Private Ocean LLC now owns 322 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 125 shares during the period. Hedge funds and other institutional investors own 80.83% of the company’s stock.
In other news, Director Charles E. Bunch purchased 1,000 shares of PNC Financial Services Group stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost of $124.38 per share, for a total transaction of $124,380.00. Following the purchase, the director now directly owns 3,781 shares of the company’s stock, valued at approximately $470,280.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gregory H. Kozich sold 10,000 shares of the 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 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 141,242 shares of company stock valued at $19,853,468 over the last three months. Insiders own 0.37% of the company’s stock.
A number of equities research analysts recently commented on PNC shares. JPMorgan Chase & Co. upped their price objective on PNC Financial Services Group from $137.50 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Morgan Stanley set a $141.00 target price on PNC Financial Services Group and gave the stock a “hold” rating in a report on Friday, August 9th. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, Robert W. Baird set a $141.00 price target on shares of PNC Financial Services Group and gave the company a “buy” rating in a research report on Monday, August 26th. Twelve analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $143.22.
Shares of NYSE:PNC traded down $0.97 during midday trading on Wednesday, reaching $136.92. 94,574 shares of the company were exchanged, compared to its average volume of 1,780,889. The firm has a market cap of $60.68 billion, a PE ratio of 12.79, a P/E/G ratio of 1.78 and a beta of 1.11. PNC Financial Services Group Inc has a fifty-two week low of $108.45 and a fifty-two week high of $145.30. The stock has a fifty day simple moving average of $132.05 and a two-hundred day simple moving average of $131.87. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.27.
PNC Financial Services Group (NYSE:PNC) last announced its 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 net margin of 25.46% and a return on equity of 11.10%. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the prior year, the company posted $2.72 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. As a group, analysts forecast that PNC Financial Services Group Inc will post 11.27 earnings per share for the current year.
PNC Financial Services Group 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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