OLD National Bancorp IN Trims Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

OLD National Bancorp IN lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 50.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,698 shares of the financial services provider’s stock after selling 1,756 shares during the period. OLD National Bancorp IN’s holdings in The PNC Financial Services Group were worth $263,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rockline Wealth Management LLC purchased a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $1,825,000. KPP Advisory Services LLC purchased a new stake in The PNC Financial Services Group in the 3rd quarter valued at approximately $323,000. AQR Capital Management LLC lifted its stake in shares of The PNC Financial Services Group by 144.2% during the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock worth $14,032,000 after purchasing an additional 67,490 shares during the period. Trust Point Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $459,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $295,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 1.1 %

Shares of NYSE PNC opened at $156.30 on Friday. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $162.24. The company has a market cap of $62.18 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.79 and a beta of 1.18. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a fifty day moving average price of $152.61 and a 200 day moving average price of $142.97.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the prior year, the firm earned $3.98 EPS. The firm’s quarterly revenue was down 8.2% compared to the same quarter last year. Research analysts anticipate that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be issued a $1.55 dividend. The ex-dividend date is Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.97%. The PNC Financial Services Group’s dividend payout ratio is currently 52.06%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on PNC. Jefferies Financial Group reduced their price target on The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a research note on Wednesday, April 17th. Wells Fargo & Company increased their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research note on Thursday, March 28th. Evercore ISI reduced their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 17th. UBS Group increased their price target on The PNC Financial Services Group from $160.00 to $163.00 and gave the stock a “neutral” rating in a research note on Thursday, January 18th. Finally, The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a research report on Monday, April 1st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $156.63.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction on Monday, February 12th. The stock was sold at an average price of $148.82, for a total value of $446,460.00. Following the completion of the sale, the executive vice president now directly owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by insiders.

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.