The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 103,352 shares of the financial services provider’s stock after selling 2,765 shares during the quarter. MetLife Investment Management LLC’s holdings in The PNC Financial Services Group were worth $19,105,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Concurrent Investment Advisors LLC lifted its holdings in The PNC Financial Services Group by 45.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock worth $1,185,000 after buying an additional 2,009 shares in the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new position in The PNC Financial Services Group in the third quarter valued at $12,548,000. Bleakley Financial Group LLC increased its holdings in The PNC Financial Services Group by 9.0% during the 3rd quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock worth $2,913,000 after purchasing an additional 1,299 shares during the period. Deerfield Management Company L.P. Series C purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter valued at about $822,000. Finally, Manning & Napier Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the second quarter worth about $18,159,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $215.00 on Thursday. The firm has a market capitalization of $85.31 billion, a PE ratio of 18.17, a P/E/G ratio of 2.22 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 52 week low of $127.83 and a 52 week high of $216.18. The firm’s 50-day simple moving average is $192.94 and its 200 day simple moving average is $175.90. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The company had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.60 earnings per share. On average, equities research analysts predict that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 annualized dividend and a dividend yield of 2.98%. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $205.98, for a total transaction of $255,827.16. Following the transaction, the chief executive officer now directly owns 535,007 shares in the company, valued at approximately $110,200,741.86. This represents a 0.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $210.09, for a total value 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 27,788 shares of company stock valued at $5,573,027 over the last quarter. Insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on PNC shares. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Citigroup raised their price objective on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the stock a “buy” rating in a report on Monday. The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 11th. Finally, Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $189.15.

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.