Asset Dedication LLC Cuts Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Asset Dedication LLC cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.7% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,820 shares of the financial services provider’s stock after selling 68 shares during the period. Asset Dedication LLC’s holdings in The PNC Financial Services Group were worth $671,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in The PNC Financial Services Group by 32.2% during the 4th quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider’s stock worth $779,000 after purchasing an additional 984 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of The PNC Financial Services Group by 3.2% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 20,782 shares of the financial services provider’s stock worth $4,008,000 after buying an additional 653 shares in the last quarter. Associated Banc Corp purchased a new stake in shares of The PNC Financial Services Group during the fourth quarter worth approximately $223,000. Frank Rimerman Advisors LLC increased its stake in shares of The PNC Financial Services Group by 25.1% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,635 shares of the financial services provider’s stock worth $701,000 after buying an additional 730 shares during the period. Finally, Choate Investment Advisors raised its holdings in The PNC Financial Services Group by 2.4% in the fourth quarter. Choate Investment Advisors now owns 8,846 shares of the financial services provider’s stock valued at $1,706,000 after acquiring an additional 207 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on PNC. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and lowered their target price for the stock from $206.00 to $202.00 in a research note on Monday, March 31st. Royal Bank Of Canada dropped their target price on The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating on the stock in a report on Wednesday, April 16th. Morgan Stanley decreased their price target on The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating for the company in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group upped their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $209.11.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $196.98 on Monday. The stock has a market cap of $77.92 billion, a P/E ratio of 13.91, a P/E/G ratio of 1.66 and a beta of 1.07. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The stock has a 50 day moving average of $179.40 and a two-hundred day moving average of $180.03. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating the consensus estimate of $3.47 by $0.04. The firm had revenue of $5.45 billion during the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.68% and a return on equity of 10.95%. On average, research 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The ex-dividend date is Tuesday, July 15th. This represents a $6.80 annualized dividend and a dividend yield of 3.45%. The PNC Financial Services Group’s dividend payout ratio is 45.20%.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer directly owned 554,879 shares of the company’s stock, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the sale, the executive vice president directly owned 20,490 shares of the company’s stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,545 shares of company stock valued at $1,590,080 over the last quarter. 0.41% of the stock is currently owned by insiders.

The PNC Financial Services Group 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.