Cibc World Markets Corp Sells 13,332 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Cibc World Markets Corp lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 121,600 shares of the financial services provider’s stock after selling 13,332 shares during the quarter. Cibc World Markets Corp’s holdings in The PNC Financial Services Group were worth $23,196,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC increased its holdings in shares of The PNC Financial Services Group by 55.5% in the first quarter. Los Angeles Capital Management LLC now owns 6,217 shares of the financial services provider’s stock worth $1,091,000 after acquiring an additional 2,220 shares in the last quarter. Avidian Wealth Solutions LLC increased its holdings in shares of The PNC Financial Services Group by 2.2% in the first quarter. Avidian Wealth Solutions LLC now owns 2,424 shares of the financial services provider’s stock worth $425,000 after acquiring an additional 53 shares in the last quarter. Lakeview Capital Partners LLC bought a new stake in shares of The PNC Financial Services Group in the first quarter worth about $405,000. Palladium Partners LLC increased its holdings in shares of The PNC Financial Services Group by 1.3% in the first quarter. Palladium Partners LLC now owns 22,374 shares of the financial services provider’s stock worth $3,925,000 after acquiring an additional 283 shares in the last quarter. Finally, Interchange Capital Partners LLC increased its holdings in shares of The PNC Financial Services Group by 2.2% in the first quarter. Interchange Capital Partners LLC now owns 2,466 shares of the financial services provider’s stock worth $560,000 after acquiring an additional 54 shares in the last quarter. Institutional investors and hedge funds own 81.76% of the company’s stock.

In related news, EVP Michael J. Hannon sold 4,200 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 21st. The stock was sold at an average price of $184.16, for a total transaction of $773,472.00. Following the completion of the sale, the executive vice president now directly owns 47,625 shares of the company’s stock, valued at approximately $8,770,620. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last ninety days, insiders sold 4,575 shares of company stock valued at $845,141. Insiders own 0.30% of the company’s stock.

PNC opened at $188.35 on Wednesday. The PNC Financial Services Group, Inc. has a 12-month low of $101.58 and a 12-month high of $203.88. The stock has a market cap of $80.02 billion, a price-to-earnings ratio of 14.29, a PEG ratio of 0.51 and a beta of 1.40. The business has a 50 day moving average of $188.07 and a 200-day moving average of $185.96. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.64.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 13th. The financial services provider reported $2.43 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.77 by ($0.34). The PNC Financial Services Group had a net margin of 32.72% and a return on equity of 12.53%. The business had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same period in the previous year, the business earned $8.40 earnings per share. The business’s quarterly revenue was up 14.5% on a year-over-year basis. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 14.8 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 5th. Stockholders of record on Friday, July 16th were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.65%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.15. The ex-dividend date was Thursday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 78.62%.

Several brokerages have issued reports on PNC. Morgan Stanley increased their price target on The PNC Financial Services Group from $192.00 to $193.00 and gave the stock an “equal weight” rating in a report on Thursday, July 29th. Royal Bank of Canada increased their price objective on The PNC Financial Services Group from $190.00 to $200.00 and gave the stock an “outperform” rating in a report on Thursday, July 15th. Wolfe Research upgraded The PNC Financial Services Group from an “underperform” rating to an “outperform” rating and increased their price objective for the stock from $194.00 to $252.00 in a report on Friday, July 2nd. Evercore ISI initiated coverage on The PNC Financial Services Group in a report on Wednesday, June 2nd. They set an “outperform” rating for the company. Finally, Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $230.00 to $232.00 and gave the stock an “overweight” rating in a report on Tuesday, May 18th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $184.20.

The PNC Financial Services Group Profile

PNC Financial Services Group, Inc is a holding company, which engages in the provision of financial services. It operates through the following segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, investment management, and cash management products and services to consumer and small business customers.

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Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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