FineMark National Bank & Trust Reduces Stake in The PNC Financial Services Group, Inc $PNC

FineMark National Bank & Trust lowered its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 14.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,032 shares of the financial services provider’s stock after selling 831 shares during the quarter. FineMark National Bank & Trust’s holdings in The PNC Financial Services Group were worth $938,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. IMG Wealth Management Inc. acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $27,000. Saudi Central Bank purchased a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at approximately $27,000. Concord Wealth Partners raised its position in shares of The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after buying an additional 100 shares during the period. FNY Investment Advisers LLC acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $37,000. Finally, WPG Advisers LLC purchased a new position in The PNC Financial Services Group in the first quarter worth approximately $36,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. UBS Group raised their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, October 7th. Weiss Ratings reissued a “buy (b-)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, October 8th. 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 report on Tuesday, September 30th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Finally, Oppenheimer reduced their target price on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $218.00.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president owned 27,335 shares in the company, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael Duane Thomas sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total value of $183,570.00. Following the sale, the executive vice president owned 5,802 shares of the company’s stock, 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. Insiders sold 2,151 shares of company stock worth $400,092 in the last three months. 0.41% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $183.17 on Thursday. The business has a 50-day simple moving average of $190.42 and a 200-day simple moving average of $188.42. 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 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 market cap of $71.83 billion, a PE ratio of 11.83, a P/E/G ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating 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 for the quarter, compared to analysts’ expectations of $5.82 billion. During the same quarter last year, the company earned $3.49 earnings per share. The firm’s revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is 43.93%.

About The PNC Financial Services Group

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.