Wrapmanager Inc. Sells 846 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Wrapmanager Inc. cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 15.6% in the third quarter, HoldingsChannel reports. The firm owned 4,562 shares of the financial services provider’s stock after selling 846 shares during the period. Wrapmanager Inc.’s holdings in The PNC Financial Services Group were worth $843,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PNC. International Assets Investment Management LLC boosted its holdings in The PNC Financial Services Group by 12,940.0% during the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock valued at $99,262,000 after acquiring an additional 532,871 shares during the period. Assenagon Asset Management S.A. boosted its holdings in The PNC Financial Services Group by 160.9% during the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock valued at $129,836,000 after acquiring an additional 433,178 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in The PNC Financial Services Group by 152.2% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after acquiring an additional 276,200 shares during the period. Hsbc Holdings PLC boosted its holdings in The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after acquiring an additional 262,654 shares during the period. Finally, Marshall Wace LLP boosted its holdings in The PNC Financial Services Group by 5,419.9% during the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 254,356 shares during the period. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Price Performance

PNC opened at $206.83 on Tuesday. The PNC Financial Services Group, Inc. has a one year low of $127.08 and a one year high of $214.19. 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’s 50 day simple moving average is $188.73 and its 200-day simple moving average is $173.43. The stock has a market capitalization of $82.07 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 2.17 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations of $5.39 billion. During the same period last year, the firm earned $3.60 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.09%. The PNC Financial Services Group’s payout ratio is presently 54.10%.

Wall Street Analysts Forecast Growth

PNC has been the subject of a number of research analyst reports. The Goldman Sachs Group cut their price objective 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 report on Wednesday, September 11th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Stephens increased their price target 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 report on Wednesday, October 16th. Finally, Morgan Stanley increased their price target on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research report on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $186.96.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the sale, the chief executive officer now directly owns 554,701 shares in the company, valued at approximately $101,604,582.17. This trade represents a 0.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction on Monday, November 11th. The stock was 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 in the company, valued at approximately $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. Over the last ninety days, insiders have sold 27,788 shares of company stock valued at $5,535,978. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Company 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.