The PNC Financial Services Group, Inc $PNC Shares Sold by Delta Global Management LP

Delta Global Management LP lowered its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 64.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,492 shares of the financial services provider’s stock after selling 125,880 shares during the quarter. Delta Global Management LP’s holdings in The PNC Financial Services Group were worth $14,505,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in The PNC Financial Services Group by 32.2% during the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after buying an additional 984 shares in the last quarter. Empowered Funds LLC boosted its holdings in The PNC Financial Services Group by 2.1% during the first quarter. Empowered Funds LLC now owns 8,261 shares of the financial services provider’s stock worth $1,452,000 after buying an additional 170 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in The PNC Financial Services Group by 50.3% during the second quarter. Sivia Capital Partners LLC now owns 4,331 shares of the financial services provider’s stock valued at $807,000 after purchasing an additional 1,449 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in The PNC Financial Services Group by 1.5% during the second quarter. Treasurer of the State of North Carolina now owns 184,579 shares of the financial services provider’s stock valued at $34,409,000 after purchasing an additional 2,808 shares in the last quarter. Finally, Diversify Advisory Services LLC purchased a new position in The PNC Financial Services Group during the second quarter valued at $482,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $230.01 on Tuesday. The firm has a 50-day simple moving average of $221.21 and a 200-day simple moving average of $216.56. The stock has a market capitalization of $92.36 billion, a price-to-earnings ratio of 13.36, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a 52 week low of $172.88 and a 52 week high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, beating analysts’ consensus estimates of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The company’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the business earned $3.51 earnings per share. On average, equities analysts predict that The PNC Financial Services Group, Inc will post 18.93 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th were given a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Tuesday, April 14th. The PNC Financial Services Group’s dividend payout ratio is 39.51%.

Insider Transactions at The PNC Financial Services Group

In other news, Director Andrew T. Feldstein sold 45,000 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the completion of the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction dated 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 sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. This trade represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. increased their price objective on shares of The PNC Financial Services Group from $237.50 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Citigroup increased their price objective on shares of The PNC Financial Services Group from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, May 8th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $263.00 to $267.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $235.00 price objective on shares of The PNC Financial Services Group in a report on Wednesday, April 15th. Finally, Oppenheimer increased their price objective on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the company an “outperform” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group presently has a consensus rating of “Moderate Buy” and an average target price of $246.72.

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.