Cpcm LLC cut its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 12.1% during the first quarter, Holdings Channel reports. The firm owned 3,771 shares of the financial services provider’s stock after selling 521 shares during the period. Cpcm LLC’s holdings in PNC Financial Services Group, Inc. (The) were worth $453,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PNC. First Interstate Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock valued at $115,000 after buying an additional 243 shares during the period. Ledyard National Bank raised its position in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock valued at $142,000 after buying an additional 995 shares during the period. Pinnacle Bank acquired a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter valued at about $157,000. Quadrant Capital Group LLC raised its position in shares of PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock valued at $162,000 after buying an additional 39 shares during the period. Finally, Jacobus Wealth Management Inc. raised its position in shares of PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock valued at $180,000 after buying an additional 53 shares during the period. 81.49% of the stock is currently owned by hedge funds and other institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) traded down 0.79% on Friday, reaching $127.97. The company’s stock had a trading volume of 1,630,874 shares. The stock has a 50-day moving average of $126.99 and a 200 day moving average of $123.22. The company has a market cap of $61.32 billion, a price-to-earnings ratio of 16.29 and a beta of 0.93. PNC Financial Services Group, Inc. has a 52-week low of $84.60 and a 52-week high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping the Zacks’ consensus estimate of $2.02 by $0.08. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The company’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.82 EPS. On average, equities research analysts forecast that PNC Financial Services Group, Inc. will post $8.38 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Shareholders of record on Monday, July 17th were issued a $0.75 dividend. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. The ex-dividend date of this dividend was Thursday, July 13th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.33%. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is presently 38.12%.

PNC Financial Services Group, Inc. (The) announced that its board has approved a share buyback program on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

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Several equities research analysts have recently commented on the company. Zacks Investment Research upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $143.00 price objective for the company in a report on Friday, July 28th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods set a $125.00 price objective on PNC Financial Services Group, Inc. (The) and gave the company a “hold” rating in a report on Friday, May 19th. Instinet restated a “neutral” rating and set a $126.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Wednesday, July 12th. Finally, Nomura boosted their price objective on PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the company a “neutral” rating in a report on Monday, July 17th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $122.57.

In other PNC Financial Services Group, Inc. (The) news, insider Michael J. Hannon sold 24,111 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 19th. The stock was sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the sale, the insider now owns 83,931 shares of the company’s stock, valued at approximately $10,613,074.95. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of PNC Financial Services Group, Inc. (The) stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by company insiders.

PNC Financial Services Group, Inc. (The) Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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

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