PNC Financial Services Group, Inc. (The) (PNC) Shares Sold by Prudential PLC

Prudential PLC lessened its stake in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 0.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,484,670 shares of the financial services provider’s stock after selling 3,174 shares during the quarter. Prudential PLC owned 0.31% of PNC Financial Services Group, Inc. (The) worth $185,391,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PNC. Empire Life Investments Inc. purchased a new position in PNC Financial Services Group, Inc. (The) during the first quarter worth about $4,446,000. Engineers Gate Manager LP boosted its stake in PNC Financial Services Group, Inc. (The) by 262.1% during the first quarter. Engineers Gate Manager LP now owns 7,966 shares of the financial services provider’s stock worth $958,000 after buying an additional 5,766 shares during the period. First Personal Financial Services boosted its stake in PNC Financial Services Group, Inc. (The) by 10.1% during the first quarter. First Personal Financial Services now owns 3,979 shares of the financial services provider’s stock worth $478,000 after buying an additional 366 shares during the period. Commerce Bank boosted its stake in PNC Financial Services Group, Inc. (The) by 28.4% during the first quarter. Commerce Bank now owns 15,542 shares of the financial services provider’s stock worth $1,869,000 after buying an additional 3,438 shares during the period. Finally, Denver Investment Advisors LLC purchased a new position in PNC Financial Services Group, Inc. (The) during the first quarter worth about $221,000. 80.80% of the stock is owned by institutional investors.

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In other news, insider Wyk Steven C. Van sold 5,000 shares of the stock in a transaction that occurred on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total transaction of $641,550.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael J. Hannon sold 24,111 shares of the stock in a transaction that occurred on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the transaction, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) opened at 135.27 on Friday. The company has a 50-day moving average of $130.25 and a 200 day moving average of $125.02. The firm has a market cap of $64.82 billion, a PE ratio of 17.21 and a beta of 0.95. PNC Financial Services Group, Inc. has a one year low of $87.59 and a one year high of $137.41.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Thursday, October 12th. The financial services provider reported $2.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.03. The company had revenue of $4.13 billion during the quarter, compared to analysts’ expectations of $4.09 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business’s revenue was up 7.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.84 EPS. On average, equities research analysts expect that PNC Financial Services Group, Inc. will post $8.40 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Sunday, November 5th. Stockholders of record on Tuesday, October 17th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Monday, October 16th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio (DPR) is currently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to buyback $2.70 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Several research analysts have weighed in on the stock. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $139.50 target price (up previously from $138.50) on shares of PNC Financial Services Group, Inc. (The) in a research note on Friday, October 6th. Citigroup Inc. reaffirmed a “neutral” rating and set a $144.00 target price (up previously from $125.00) on shares of PNC Financial Services Group, Inc. (The) in a research note on Monday. Zacks Investment Research raised shares of PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating and set a $152.00 price objective for the company in a research note on Tuesday. Instinet reissued a “neutral” rating and issued a $132.00 price objective (up previously from $129.00) on shares of PNC Financial Services Group, Inc. (The) in a research note on Saturday, September 30th. Finally, Robert W. Baird reissued a “buy” rating and issued a $135.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a research note on Sunday, October 1st. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $129.26.

PNC Financial Services Group, Inc. (The) Profile

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

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Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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