The PNC Financial Services Group, Inc. (NYSE:PNC) Stake Lowered by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc decreased its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 75.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 4,047 shares of the financial services provider’s stock after selling 12,185 shares during the period. Pinnacle Financial Partners Inc’s holdings in The PNC Financial Services Group were worth $748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. ORG Partners LLC lifted its stake in The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Bank & Trust Co bought a new stake in The PNC Financial Services Group during the 2nd quarter valued at $26,000. LRI Investments LLC acquired a new position in The PNC Financial Services Group during the 1st quarter worth $28,000. Y.D. More Investments Ltd bought a new position in shares of The PNC Financial Services Group in the second quarter worth $33,000. Finally, GPS Wealth Strategies Group LLC bought a new position in The PNC Financial Services Group in the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $207.96 on Friday. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market capitalization of $82.51 billion, a price-to-earnings ratio of 17.58, a P/E/G ratio of 2.21 and a beta of 1.13. The business’s 50-day moving average is $187.09 and its 200-day moving average is $172.19. The PNC Financial Services Group, Inc. has a fifty-two week low of $126.41 and a fifty-two week high of $214.19.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the firm earned $3.60 EPS. The company’s revenue was up 3.8% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.46 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on PNC shares. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price objective for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Barclays upped their price target on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Stephens lifted their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group cut their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $185.71.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. This represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the sale, the director now owns 38,649 shares of the company’s stock, valued at $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,546 shares of company stock valued at $5,277,493 in the last three months. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.