Migdal Insurance & Financial Holdings Ltd. Trims Stock Position in The PNC Financial Services Group, Inc $PNC

Migdal Insurance & Financial Holdings Ltd. lessened its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 36.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 457 shares of the financial services provider’s stock after selling 258 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in The PNC Financial Services Group were worth $85,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of PNC. Massachusetts Financial Services Co. MA lifted its holdings in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock valued at $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Nuveen LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter valued at about $306,905,000. Amundi lifted its holdings in shares of The PNC Financial Services Group by 76.1% in the first quarter. Amundi now owns 2,186,073 shares of the financial services provider’s stock valued at $352,592,000 after purchasing an additional 944,731 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of The PNC Financial Services Group by 187.3% in the first quarter. AQR Capital Management LLC now owns 1,421,434 shares of the financial services provider’s stock valued at $245,055,000 after purchasing an additional 926,709 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock valued at $495,336,000 after purchasing an additional 830,440 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, EVP Guild Deborah sold 1,080 shares of the company’s stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the completion of the transaction, the executive vice president owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $181.05 on Thursday. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50 day moving average price of $196.56 and a 200 day moving average price of $185.66. The firm has a market capitalization of $71.30 billion, a price-to-earnings ratio of 11.70, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The firm had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same quarter in the prior year, the business posted $3.49 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 8.9% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.8%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PNC. The Goldman Sachs Group upped their price target on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Wolfe Research reissued a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Tuesday, September 30th. UBS Group boosted their price objective on shares of The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Finally, Oppenheimer reissued an “outperform” rating and issued a $240.00 price objective (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $218.47.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.