The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by 1ST Source Bank

1ST Source Bank cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,655 shares of the financial services provider’s stock after selling 131 shares during the quarter. 1ST Source Bank’s holdings in The PNC Financial Services Group were worth $306,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Concurrent Investment Advisors LLC lifted its position 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 acquiring an additional 2,009 shares in the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of The PNC Financial Services Group in the third quarter valued at $12,548,000. Bleakley Financial Group LLC grew 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 valued at $2,913,000 after purchasing an additional 1,299 shares in the last quarter. Deerfield Management Company L.P. Series C purchased a new stake in The PNC Financial Services Group during the 2nd quarter worth $822,000. Finally, Aljian Capital Management LLC acquired a new position in The PNC Financial Services Group in the 3rd quarter worth $839,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $183.74, for a total transaction of $228,205.08. Following the completion of the sale, the chief executive officer now owns 549,733 shares of the company’s stock, valued at $101,007,941.42. This represents a 0.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company’s stock, valued at $170,299.80. The trade was a 48.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,030 shares of company stock worth $5,873,691. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $201.28 on Friday. The stock has a market capitalization of $79.86 billion, a P/E ratio of 17.01, a P/E/G ratio of 2.13 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 12-month low of $139.69 and a 12-month high of $216.26. 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 firm’s 50 day moving average is $198.84 and its 200-day moving average is $179.94.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, topping the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The company’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company posted $3.60 EPS. Equities research analysts anticipate 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is 54.10%.

Analyst Upgrades and Downgrades

PNC has been the subject of several recent analyst reports. The Goldman Sachs Group raised their target price on The PNC Financial Services Group from $190.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, December 6th. Wells Fargo & Company upped their target price on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Morgan Stanley increased their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Citigroup upped their price target on The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Evercore ISI increased their target price on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a 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 company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $198.02.

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.