PNC Financial Services Group Inc (PNC) Stake Lowered by Empire Life Investments Inc.

Empire Life Investments Inc. reduced its stake in PNC Financial Services Group Inc (NYSE:PNC) by 1.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 154,959 shares of the financial services provider’s stock after selling 1,541 shares during the quarter. PNC Financial Services Group accounts for 1.7% of Empire Life Investments Inc.’s investment portfolio, making the stock its 23rd largest position. Empire Life Investments Inc.’s holdings in PNC Financial Services Group were worth $20,884,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Honeywell International Inc. lifted its holdings in PNC Financial Services Group by 0.3% during the 2nd quarter. Honeywell International Inc. now owns 156,400 shares of the financial services provider’s stock worth $19,530,000 after buying an additional 400 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH lifted its holdings in PNC Financial Services Group by 217.5% during the 3rd quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH now owns 184,620 shares of the financial services provider’s stock worth $24,901,000 after buying an additional 126,480 shares in the last quarter. Bronfman E.L. Rothschild L.P. lifted its holdings in PNC Financial Services Group by 20.5% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 7,253 shares of the financial services provider’s stock worth $906,000 after buying an additional 1,235 shares in the last quarter. Daiwa Securities Group Inc. lifted its holdings in PNC Financial Services Group by 3.4% during the 2nd quarter. Daiwa Securities Group Inc. now owns 15,346 shares of the financial services provider’s stock worth $1,916,000 after buying an additional 500 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in PNC Financial Services Group by 12.9% during the 2nd quarter. Canada Pension Plan Investment Board now owns 620,524 shares of the financial services provider’s stock worth $77,485,000 after buying an additional 70,962 shares in the last quarter. Hedge funds and other institutional investors own 81.57% of the company’s stock.

PNC has been the topic of a number of recent analyst reports. Jefferies Group reissued a “hold” rating and issued a $136.00 price objective on shares of PNC Financial Services Group in a research report on Friday, August 11th. BidaskClub downgraded shares of PNC Financial Services Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 12th. Robert W. Baird reissued a “buy” rating and issued a $135.00 price objective on shares of PNC Financial Services Group in a research report on Monday, August 28th. Piper Jaffray Companies reissued a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group in a research report on Sunday, August 27th. Finally, Zacks Investment Research raised shares of PNC Financial Services Group from a “hold” rating to a “buy” rating and set a $140.00 price objective on the stock in a research report on Tuesday, September 5th. Sixteen analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $136.13.

In other PNC Financial Services Group news, insider Orlando C. Esposito sold 4,505 shares of the firm’s stock in a transaction dated Monday, November 6th. The shares were sold at an average price of $138.85, for a total transaction of $625,519.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Wyk Steven C. Van sold 5,000 shares of the firm’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $140.98, for a total transaction of $704,900.00. The disclosure for this sale can be found here. Insiders have sold a total of 42,640 shares of company stock valued at $5,901,852 over the last 90 days. 0.43% of the stock is currently owned by insiders.

PNC Financial Services Group Inc (PNC) traded up $0.41 during trading hours on Friday, reaching $143.42. 1,420,700 shares of the company’s stock traded hands, compared to its average volume of 2,193,844. The company has a debt-to-equity ratio of 1.24, a current ratio of 0.92 and a quick ratio of 0.92. PNC Financial Services Group Inc has a 52-week low of $112.61 and a 52-week high of $145.66. The stock has a market cap of $68,240.00, a P/E ratio of 17.46, a P/E/G ratio of 1.91 and a beta of 0.90.

PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Friday, October 13th. The financial services provider reported $2.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.03. PNC Financial Services Group had a net margin of 24.61% and a return on equity of 9.29%. The firm had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.09 billion. During the same period last year, the firm posted $1.84 EPS. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. sell-side analysts predict that PNC Financial Services Group Inc will post 8.44 EPS for the current year.

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PNC Financial Services Group Company 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 (NYSE:PNC)

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