Strategic Wealth Management Group LLC cut its holdings in PNC Financial Services Group Inc (NYSE:PNC) by 8.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,998 shares of the financial services provider’s stock after selling 188 shares during the quarter. Strategic Wealth Management Group LLC’s holdings in PNC Financial Services Group were worth $274,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in PNC. Norges Bank purchased a new position in shares of PNC Financial Services Group in the fourth quarter worth about $550,507,000. FMR LLC boosted its stake in PNC Financial Services Group by 32.7% during the fourth quarter. FMR LLC now owns 10,859,988 shares of the financial services provider’s stock worth $1,269,641,000 after buying an additional 2,677,895 shares during the last quarter. Thoroughbred Financial Services LLC boosted its stake 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 worth $188,593,000 after buying an additional 1,872,373 shares during the last quarter. American Century Companies Inc. boosted its stake in PNC Financial Services Group by 13.7% during the fourth quarter. American Century Companies Inc. now owns 3,996,313 shares of the financial services provider’s stock worth $467,209,000 after buying an additional 481,885 shares during the last quarter. Finally, Hexavest Inc. purchased a new stake in PNC Financial Services Group in the second quarter valued at $53,247,000. Institutional investors own 80.34% of the company’s stock.
In related news, CEO William S. Demchak sold 75,000 shares of the firm’s stock in a transaction on 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 in the company, valued at $92,419,082.77. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Gregory H. Kozich sold 10,000 shares of the firm’s stock in a transaction on 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 129,285 shares of company stock worth $18,145,829 over the last three months. 0.37% of the stock is owned by insiders.
PNC has been the topic of several research analyst reports. Morgan Stanley set a $36.00 price objective on ArcBest and gave the company a “hold” rating in a report on Monday, July 8th. Barclays upped their price objective on Zimmer Biomet from $113.00 to $117.00 and gave the stock an “underweight” rating in a research report on Monday, April 15th. JPMorgan Chase & Co. began coverage on Pinduoduo in a research report on Tuesday, July 9th. They issued an “underweight” rating and a $20.48 target price for the company. UBS Group set a $169.00 price objective on M&T Bank and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Finally, ValuEngine downgraded Acceleron Pharma from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 18th. Twelve analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $142.99.
Shares of PNC Financial Services Group stock traded up $1.94 on Friday, hitting $142.78. 682,297 shares of the company traded hands, compared to its average volume of 1,852,003. The stock’s 50-day moving average is $137.43. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.94 and a current ratio of 0.94. PNC Financial Services Group Inc has a 12-month low of $108.45 and a 12-month high of $147.23. The company has a market cap of $63.80 billion, a P/E ratio of 13.33, a PEG ratio of 1.84 and a beta of 1.09.
PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 17th. The financial services provider reported $2.88 EPS for the quarter, beating the Zacks’ 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 analyst estimates of $4.40 billion. During the same quarter in the prior year, the business earned $2.72 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Equities analysts expect that PNC Financial Services Group Inc will post 11.29 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 19th will be paid a dividend of $1.15 per share. This represents a $4.60 annualized dividend and a yield of 3.22%. This is a boost from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date of this dividend is Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio 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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