Waldron Private Wealth LLC Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Waldron Private Wealth LLC cut its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,603 shares of the financial services provider’s stock after selling 117 shares during the quarter. Waldron Private Wealth LLC’s holdings in The PNC Financial Services Group were worth $405,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PNC. Summit Financial LLC acquired a new position in The PNC Financial Services Group in the 2nd quarter worth approximately $405,000. Interchange Capital Partners LLC acquired a new stake in shares of The PNC Financial Services Group in the second quarter worth $693,000. Essex Financial Services Inc. raised its holdings in shares of The PNC Financial Services Group by 3.1% during the second quarter. Essex Financial Services Inc. now owns 9,550 shares of the financial services provider’s stock worth $1,485,000 after purchasing an additional 287 shares during the last quarter. Aptus Capital Advisors LLC lifted its position in The PNC Financial Services Group by 5.9% during the second quarter. Aptus Capital Advisors LLC now owns 6,081 shares of the financial services provider’s stock valued at $945,000 after purchasing an additional 339 shares during the period. Finally, Nilsine Partners LLC boosted its holdings in The PNC Financial Services Group by 6.8% in the second quarter. Nilsine Partners LLC now owns 2,311 shares of the financial services provider’s stock valued at $359,000 after purchasing an additional 148 shares during the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the transaction, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold 24,021 shares of company stock valued at $4,190,611 in the last ninety days. 0.42% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on PNC shares. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. UBS Group boosted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Royal Bank of Canada raised their price objective on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research note on Tuesday, July 30th. Finally, Citigroup raised their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $177.02.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $185.09 on Monday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The stock’s 50 day simple moving average is $170.16 and its 200-day simple moving average is $159.53. The company has a market cap of $73.57 billion, a PE ratio of 15.54, a price-to-earnings-growth ratio of 2.05 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $185.57.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the firm posted $3.36 EPS. The firm’s revenue for the quarter was up 2.2% on a year-over-year basis. As a group, equities research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.46%. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

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.