TD Asset Management Inc Has $28.68 Million Stake in The PNC Financial Services Group, Inc $PNC

TD Asset Management Inc trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 25.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 142,717 shares of the financial services provider’s stock after selling 48,089 shares during the period. TD Asset Management Inc’s holdings in The PNC Financial Services Group were worth $28,676,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in PNC. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $34,000. Bayforest Capital Ltd lifted its holdings in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after buying an additional 147 shares during the last quarter. True Wealth Design LLC boosted its position in shares of The PNC Financial Services Group by 1,133.3% in the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 204 shares during the period. Country Trust Bank grew its stake in shares of The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 68 shares during the last quarter. Finally, Corundum Trust Company INC bought a new position in The PNC Financial Services Group during the third quarter worth $49,000. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Stock Down 4.9%

Shares of PNC opened at $211.85 on Friday. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.90. The company has a 50-day moving average price of $222.28 and a two-hundred day moving average price of $204.44. The stock has a market cap of $85.46 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 0.89 and a beta of 0.99. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.65. The company had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The company’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the company posted $3.77 EPS. Equities analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 40.99%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PNC shares. Keefe, Bruyette & Woods increased their price target on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a report on Tuesday, January 20th. Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Monday, December 22nd. JPMorgan Chase & Co. boosted their price target on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a research note on Monday, February 9th. Finally, Oppenheimer lifted their price objective on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Fifteen equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Moderate Buy” and a consensus target price of $234.44.

Insider Activity

In related news, CEO William S. Demchak sold 50,000 shares of the stock in a transaction dated Friday, February 20th. The shares were sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the sale, the executive vice president directly owned 1,942 shares in the company, valued at $448,563.16. This represents a 79.23% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 64,186 shares of company stock worth $14,840,973 over the last 90 days. 0.41% of the stock is currently owned by company insiders.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.