Hilltop Holdings Inc. Reduces Stock Position in The PNC Financial Services Group, Inc $PNC

Hilltop Holdings Inc. decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 46.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,258 shares of the financial services provider’s stock after selling 2,832 shares during the quarter. Hilltop Holdings Inc.’s holdings in The PNC Financial Services Group were worth $678,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $1,967,080,000. Viking Global Investors LP increased its position in The PNC Financial Services Group by 234.9% during the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. Corient Private Wealth LLC increased its position in The PNC Financial Services Group by 961.7% during the fourth quarter. Corient Private Wealth LLC now owns 2,630,300 shares of the financial services provider’s stock worth $549,023,000 after purchasing an additional 2,382,552 shares during the last quarter. Deutsche Bank AG raised its stake in The PNC Financial Services Group by 108.2% during the fourth quarter. Deutsche Bank AG now owns 3,836,936 shares of the financial services provider’s stock worth $800,884,000 after purchasing an additional 1,994,431 shares during the period. Finally, Wellington Management Group LLP raised its stake in The PNC Financial Services Group by 50.1% during the third quarter. Wellington Management Group LLP now owns 3,485,320 shares of the financial services provider’s stock worth $700,305,000 after purchasing an additional 1,162,964 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on shares of The PNC Financial Services Group from $238.00 to $264.50 and gave the stock an “overweight” rating in a report on Monday, July 6th. Barclays raised their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Weiss Ratings restated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the company an “overweight” rating in a research note on Thursday, July 16th. Finally, Citigroup raised their price objective on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and a consensus price target of $265.48.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares in the company, valued at $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephanie Novosel sold 1,800 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total transaction of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company’s stock, valued at $710,664.11. This represents a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 48,300 shares of company stock worth $10,694,574. Corporate insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Down 0.2%

PNC opened at $250.59 on Monday. The PNC Financial Services Group, Inc has a 52 week low of $176.88 and a 52 week high of $256.49. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The business has a fifty day simple moving average of $236.91 and a 200-day simple moving average of $224.94. The firm has a market cap of $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 1.00 and a beta of 0.91.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.66 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the previous year, the business earned $3.85 EPS. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, equities analysts expect that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 5th. Stockholders of record on Monday, July 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a dividend yield of 3.2%. The PNC Financial Services Group’s payout ratio is 44.03%.

The PNC Financial Services Group Company 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.