The PNC Financial Services Group, Inc $PNC Stock: Vest Financial LLC Cuts Stake

Vest Financial LLC decreased its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 24.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 167,948 shares of the financial services provider’s stock after selling 55,124 shares during the quarter. Vest Financial LLC’s holdings in The PNC Financial Services Group were worth $37,328,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bank of America Corp DE acquired a new position in The PNC Financial Services Group in the second quarter valued at about $2,102,631,000. Nykredit A S bought a new stake in The PNC Financial Services Group during the second quarter worth about $33,532,000. AMG National Trust Bank bought a new stake in The PNC Financial Services Group during the second quarter worth about $30,557,000. Amundi increased its holdings in shares of The PNC Financial Services Group by 5.2% during the second quarter. Amundi now owns 1,824,741 shares of the financial services provider’s stock worth $449,288,000 after buying an additional 90,734 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of The PNC Financial Services Group during the second quarter worth approximately $69,078,000. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PNC shares. Deutsche Bank Aktiengesellschaft cut The PNC Financial Services Group from a “buy” rating to a “hold” rating and raised their price target for the company from $230.00 to $265.00 in a report on Thursday, July 23rd. Barclays boosted their price objective 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. JPMorgan Chase & Co. reduced their price objective on The PNC Financial Services Group from $269.50 to $258.00 and set an “overweight” rating on the stock in a research note on Friday, October 2nd. Morgan Stanley decreased their target price on The PNC Financial Services Group from $278.00 to $273.00 and set an “equal weight” rating on the stock in a report on Friday, October 16th. Finally, Wells Fargo & Company raised their target price 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. Seventeen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $266.13.

The PNC Financial Services Group Trading Up 0.8%

Shares of NYSE PNC opened at $222.81 on Thursday. The PNC Financial Services Group, Inc has a 1-year low of $177.08 and a 1-year high of $258.96. The company has a market cap of $88.89 billion, a PE ratio of 11.55, a P/E/G ratio of 1.14 and a beta of 0.94. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a 50-day moving average of $233.32 and a two-hundred day moving average of $233.51.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period in the prior year, the business earned $4.35 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 10.9% on a year-over-year basis. As a group, equities analysts expect that The PNC Financial Services Group, Inc will post 19.22 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 3.6%. The ex-dividend date is Wednesday, October 14th. The PNC Financial Services Group’s payout ratio is 42.58%.

Insiders Place Their Bets

In related news, EVP Stacy Juchno sold 3,354 shares of the business’s stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. The trade was a 15.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is 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. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.