Assenagon Asset Management S.A. Sells 166,267 Shares of The PNC Financial Services Group, Inc $PNC

Assenagon Asset Management S.A. trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 12.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,164,420 shares of the financial services provider’s stock after selling 166,267 shares during the quarter. Assenagon Asset Management S.A.’s holdings in The PNC Financial Services Group were worth $286,703,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in The PNC Financial Services Group by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 38,873,991 shares of the financial services provider’s stock valued at $8,114,168,000 after acquiring an additional 408,464 shares during the period. State Street Corp increased its stake in shares of The PNC Financial Services Group by 0.4% in the fourth quarter. State Street Corp now owns 17,319,434 shares of the financial services provider’s stock worth $3,615,085,000 after purchasing an additional 77,302 shares during the period. Capital International Investors lifted its position in shares of The PNC Financial Services Group by 10.2% during the 4th quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider’s stock worth $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC boosted its stake in The PNC Financial Services Group by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider’s stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the period. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Down 1.1%

The PNC Financial Services Group stock opened at $252.52 on Friday. The business has a 50 day moving average price of $242.89 and a two-hundred day moving average price of $227.14. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The stock has a market cap of $101.40 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 1.01 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12 month low of $176.88 and a 12 month high of $258.13.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping the consensus estimate of $4.46 by $0.39. The company had revenue of $6.88 billion for the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The PNC Financial Services Group’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.85 EPS. As a group, equities analysts forecast that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. This represents a $8.00 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio is presently 44.03%.

Wall Street Analysts Forecast Growth

PNC has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Keefe, Bruyette & Woods increased their price objective on The PNC Financial Services Group from $247.00 to $253.00 and gave the company a “market perform” rating in a research report on Thursday, April 16th. Bank of America raised their price objective on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Finally, Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an “equal weight” rating in a research note on Monday, June 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $265.73.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Stephanie Novosel sold 1,800 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the sale, the executive vice president owned 3,107 shares of the company’s stock, valued at $710,664.11. The trade was a 36.68% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew T. Feldstein sold 45,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total transaction of $9,925,650.00. Following the transaction, the director directly owned 10,749 shares of the company’s stock, valued at $2,370,906.93. The trade was a 80.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 48,300 shares of company stock valued at $10,694,574 in the last 90 days. 0.38% of the stock is currently owned by company insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.