Tocqueville Asset Management L.P. lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC – Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,583 shares of the financial services provider’s stock after selling 196 shares during the period. Tocqueville Asset Management L.P.’s holdings in The PNC Financial Services Group were worth $579,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in PNC. Steph & Co. lifted its holdings in shares of The PNC Financial Services Group by 1.8% in the 4th quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock valued at $576,000 after buying an additional 67 shares during the period. Bangor Savings Bank lifted its holdings in The PNC Financial Services Group by 1.2% in the fourth quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock valued at $888,000 after acquiring an additional 69 shares during the period. Triangle Securities Wealth Management boosted its position in shares of The PNC Financial Services Group by 1.8% during the 1st quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock worth $649,000 after purchasing an additional 70 shares in the last quarter. Cooper Financial Group increased its holdings in shares of The PNC Financial Services Group by 1.7% in the 1st quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after purchasing an additional 70 shares in the last quarter. Finally, Berkshire Bank lifted its stake in shares of The PNC Financial Services Group by 2.0% in the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock valued at $576,000 after purchasing an additional 71 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Trading Down 0.3 %
NYSE PNC traded down $0.56 during mid-day trading on Friday, reaching $175.51. 1,601,122 shares of the stock were exchanged, compared to its average volume of 1,989,651. The stock has a market capitalization of $69.84 billion, a PE ratio of 14.74, a PEG ratio of 2.27 and a beta of 1.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.85 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $180.97. The business’s fifty day simple moving average is $158.03 and its 200 day simple moving average is $154.24.
The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter last year, the firm earned $3.36 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.95 earnings per share for the current fiscal year.
The PNC Financial Services Group Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be issued a dividend of $1.60 per share. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.
Insider Transactions at The PNC Financial Services Group
In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now owns 3,502 shares in the company, valued at approximately $545,856.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the sale, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Insiders have sold a total of 6,419 shares of company stock worth $1,022,826 in the last three months. Company insiders own 0.42% of the company’s stock.
Analysts Set New Price Targets
Several research analysts have weighed in on PNC shares. Jefferies Financial Group upped their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Morgan Stanley dropped their price objective on The PNC Financial Services Group from $167.00 to $165.00 and set an “underweight” rating for the company in a research note on Wednesday. Wells Fargo & Company boosted their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $165.00 to $182.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, UBS Group boosted their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $175.34.
Read Our Latest Stock Analysis on The PNC Financial Services Group
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.
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