The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by TIAA Trust National Association

TIAA Trust National Association lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 80.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,357 shares of the financial services provider’s stock after selling 98,403 shares during the quarter. TIAA Trust National Association’s holdings in The PNC Financial Services Group were worth $3,632,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PNC. Capital International Investors grew its position in shares of The PNC Financial Services Group by 0.5% in the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after purchasing an additional 78,407 shares during the period. Norges Bank acquired a new stake in The PNC Financial Services Group in the 4th quarter worth about $1,039,481,000. Franklin Resources Inc. grew its holdings in The PNC Financial Services Group by 165.4% in the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after buying an additional 3,046,226 shares during the period. Capital Research Global Investors increased its stake in shares of The PNC Financial Services Group by 19.5% during the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after acquiring an additional 778,264 shares during the last quarter. Finally, Putnam Investments LLC lifted its holdings in shares of The PNC Financial Services Group by 3.2% during the 4th quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after acquiring an additional 114,960 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $182.36 on Thursday. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $185.84. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $72.49 billion, a price-to-earnings ratio of 15.31, a price-to-earnings-growth ratio of 2.05 and a beta of 1.14. The firm’s fifty day moving average price is $172.03 and its 200 day moving average price is $160.19.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company earned $3.36 earnings per share. On average, research analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. The ex-dividend date was Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.51%. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The disclosure for this sale can be found here. Insiders have sold 25,263 shares of company stock worth $4,418,109 in the last ninety days. 0.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of several research analyst reports. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. UBS Group increased their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Barclays lifted their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley boosted their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Two 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $177.02.

About The PNC Financial Services Group

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.