Hartford Investment Management Co. Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Hartford Investment Management Co. trimmed its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,019 shares of the financial services provider’s stock after selling 437 shares during the period. Hartford Investment Management Co.’s holdings in The PNC Financial Services Group were worth $4,625,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. Sound Income Strategies LLC lifted its holdings in The PNC Financial Services Group by 23.8% during the 1st quarter. Sound Income Strategies LLC now owns 930 shares of the financial services provider’s stock worth $150,000 after purchasing an additional 179 shares in the last quarter. Sunbelt Securities Inc. boosted its position in shares of The PNC Financial Services Group by 2.9% in the first quarter. Sunbelt Securities Inc. now owns 3,649 shares of the financial services provider’s stock valued at $590,000 after acquiring an additional 103 shares during the period. Brookstone Capital Management grew its stake in The PNC Financial Services Group by 4.3% during the first quarter. Brookstone Capital Management now owns 12,650 shares of the financial services provider’s stock valued at $2,044,000 after acquiring an additional 519 shares in the last quarter. Key Client Fiduciary Advisors LLC bought a new stake in The PNC Financial Services Group during the 1st quarter worth approximately $268,000. Finally, Wealthcare Advisory Partners LLC lifted its stake in The PNC Financial Services Group by 1.5% in the 1st quarter. Wealthcare Advisory Partners LLC now owns 4,972 shares of the financial services provider’s stock worth $804,000 after purchasing an additional 74 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock opened at $188.21 on Thursday. The firm has a fifty day simple moving average of $181.96 and a two-hundred day simple moving average of $167.82. The company has a quick ratio of 0.82, a current ratio of 0.81 and a debt-to-equity ratio of 1.22. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $196.64. The company has a market capitalization of $74.81 billion, a PE ratio of 15.91, a P/E/G ratio of 2.02 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.60 EPS. Research analysts expect that The PNC Financial Services Group, Inc. will post 13.3 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th will be paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PNC. Evercore ISI upped their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Jefferies Financial Group upped their target price on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Royal Bank of Canada lifted their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Stephens upped their price objective on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company lifted their target price on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $185.71.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the sale, the chief executive officer now directly owns 558,427 shares in the company, valued at $94,994,016.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $170.11, for a total transaction of $211,276.62. Following the transaction, the chief executive officer now owns 558,427 shares in the company, valued at $94,994,016.97. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,662 shares of company stock worth $4,459,819. Insiders own 0.42% of the company’s stock.

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.