Prospector Partners LLC Sells 5,991 Shares of The PNC Financial Services Group, Inc $PNC

Prospector Partners LLC lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 4.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 126,681 shares of the financial services provider’s stock after selling 5,991 shares during the quarter. The PNC Financial Services Group comprises about 3.0% of Prospector Partners LLC’s holdings, making the stock its 4th biggest position. Prospector Partners LLC’s holdings in The PNC Financial Services Group were worth $25,454,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PNC. Westfuller Advisors LLC acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth approximately $34,000. FNY Investment Advisers LLC purchased a new stake in The PNC Financial Services Group in the 2nd quarter worth $37,000. Bayforest Capital Ltd raised its position in 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 acquiring an additional 147 shares during the period. True Wealth Design LLC lifted its holdings in The PNC Financial Services Group by 1,133.3% during the second quarter. True Wealth Design LLC now owns 222 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 204 shares in the last quarter. Finally, Country Trust Bank grew its position 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 valued at $49,000 after purchasing an additional 68 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Up 0.7%

Shares of PNC opened at $232.80 on Thursday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The firm has a market capitalization of $91.30 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.96 and a beta of 0.99. The firm has a 50-day moving average price of $220.58 and a 200 day moving average price of $202.80. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The company had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the previous year, the firm earned $3.77 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 9.1% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 2.9%. The ex-dividend date was Tuesday, January 20th. The PNC Financial Services Group’s dividend payout ratio is presently 40.99%.

Insiders Place Their Bets

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total value of $1,710,868.86. Following the transaction, the executive vice president owned 1,942 shares of the company’s stock, valued at $448,563.16. This represents a 79.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the sale, the executive vice president directly owned 21,120 shares of the company’s stock, valued at $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 14,186 shares of company stock valued at $3,296,973 over the last quarter. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PNC shares. Keefe, Bruyette & Woods raised 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 research note on Tuesday, January 20th. Oppenheimer lifted their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. TD Cowen boosted their price target on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. JPMorgan Chase & Co. increased their price objective 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, Barclays lifted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Fifteen 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 MarketBeat.com, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $234.44.

The PNC Financial Services Group Profile

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.