Westpac Banking Corp Sells 70,912 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Westpac Banking Corp reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 96.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,365 shares of the financial services provider’s stock after selling 70,912 shares during the period. Westpac Banking Corp’s holdings in The PNC Financial Services Group were worth $298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Blair William & Co. IL boosted its holdings in shares of The PNC Financial Services Group by 0.5% in the 1st quarter. Blair William & Co. IL now owns 16,997 shares of the financial services provider’s stock worth $3,135,000 after acquiring an additional 89 shares in the last quarter. Cetera Investment Advisers boosted its holdings in shares of The PNC Financial Services Group by 12.0% in the 1st quarter. Cetera Investment Advisers now owns 16,141 shares of the financial services provider’s stock worth $2,977,000 after acquiring an additional 1,724 shares in the last quarter. Covestor Ltd boosted its holdings in shares of The PNC Financial Services Group by 68.8% in the 1st quarter. Covestor Ltd now owns 336 shares of the financial services provider’s stock worth $62,000 after acquiring an additional 137 shares in the last quarter. West Family Investments Inc. boosted its holdings in shares of The PNC Financial Services Group by 9.1% in the 1st quarter. West Family Investments Inc. now owns 1,164 shares of the financial services provider’s stock worth $215,000 after acquiring an additional 97 shares in the last quarter. Finally, Ergoteles LLC boosted its holdings in shares of The PNC Financial Services Group by 137.9% in the 1st quarter. Ergoteles LLC now owns 21,048 shares of the financial services provider’s stock worth $3,882,000 after acquiring an additional 12,201 shares in the last quarter. 80.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have issued reports on PNC. Morgan Stanley reduced their price objective on The PNC Financial Services Group from $144.00 to $142.00 and set an “underweight” rating on the stock in a report on Tuesday, October 3rd. StockNews.com downgraded The PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Friday. Bank of America raised The PNC Financial Services Group from an “underperform” rating to a “neutral” rating in a report on Tuesday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $140.00 price objective on shares of The PNC Financial Services Group in a report on Tuesday, October 24th. Finally, Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $112.00 to $127.00 in a report on Tuesday, October 10th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $150.99.

The PNC Financial Services Group Price Performance

PNC stock opened at $130.26 on Friday. The stock has a 50-day moving average price of $120.25 and a two-hundred day moving average price of $122.84. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 1.34. The stock has a market cap of $51.89 billion, a PE ratio of 9.04, a price-to-earnings-growth ratio of 1.15 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $170.27.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Friday, October 13th. The financial services provider reported $3.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.10 by $0.50. The PNC Financial Services Group had a net margin of 20.39% and a return on equity of 12.91%. The firm had revenue of $5.23 billion during the quarter, compared to the consensus estimate of $5.32 billion. During the same period last year, the business posted $3.78 earnings per share. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. Equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.86 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th were issued a dividend of $1.55 per share. The ex-dividend date of this dividend was Monday, October 16th. This represents a $6.20 annualized dividend and a dividend yield of 4.76%. The PNC Financial Services Group’s dividend payout ratio is presently 43.03%.

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 certificates of 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.