The PNC Financial Services Group, Inc $PNC Stock Position Decreased by Panagora Asset Management Inc.

Panagora Asset Management Inc. trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 84.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,907 shares of the financial services provider’s stock after selling 81,677 shares during the quarter. Panagora Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $2,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Smith Moore & CO. lifted its stake in The PNC Financial Services Group by 3.0% in the second quarter. Smith Moore & CO. now owns 1,985 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 58 shares during the last quarter. River Road Asset Management LLC raised its holdings in shares of The PNC Financial Services Group by 1.8% during the 2nd quarter. River Road Asset Management LLC now owns 101,245 shares of the financial services provider’s stock valued at $19,264,000 after purchasing an additional 1,808 shares in the last quarter. Lido Advisors LLC lifted its stake in shares of The PNC Financial Services Group by 14.4% in the 2nd quarter. Lido Advisors LLC now owns 12,839 shares of the financial services provider’s stock valued at $2,393,000 after purchasing an additional 1,616 shares during the last quarter. Leuthold Group LLC bought a new stake in The PNC Financial Services Group in the second quarter worth $4,314,000. Finally, Legacy Capital Wealth Partners LLC boosted its holdings in The PNC Financial Services Group by 2.7% in the second quarter. Legacy Capital Wealth Partners LLC now owns 3,858 shares of the financial services provider’s stock worth $719,000 after purchasing an additional 102 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

PNC opened at $198.05 on Thursday. The firm has a market capitalization of $77.67 billion, a P/E ratio of 12.79, a price-to-earnings-growth ratio of 1.08 and a beta of 1.01. The stock’s 50 day moving average price is $187.91 and its two-hundred day moving average price is $189.77. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $210.82.

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 analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion during the quarter, compared to analyst estimates of $5.82 billion. During the same period in the previous year, the company earned $3.49 earnings per share. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were issued a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a yield of 3.4%. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the firm’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. This trade represents a 3.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares in the company, valued at approximately $1,065,073.14. The trade was a 14.70% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PNC shares. Weiss Ratings restated a “buy (b-)” rating on shares of The PNC Financial Services Group in a report on Wednesday, October 8th. UBS Group increased their price objective on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, October 7th. Stephens restated an “equal weight” rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Raymond James Financial upped their target price on The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Finally, Morgan Stanley increased their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a report on Monday, September 29th. One research 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $218.00.

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.