PNC Financial Services Group Inc (PNC) Holdings Decreased by IBM Retirement Fund

IBM Retirement Fund cut its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 8.3% in the fourth quarter, Holdings Channel reports. The fund owned 6,972 shares of the financial services provider’s stock after selling 633 shares during the period. IBM Retirement Fund’s holdings in PNC Financial Services Group were worth $815,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Oakworth Capital Inc. increased its position in shares of PNC Financial Services Group by 15.5% during the fourth quarter. Oakworth Capital Inc. now owns 640 shares of the financial services provider’s stock valued at $75,000 after acquiring an additional 86 shares during the last quarter. Adviser Investments LLC increased its position in shares of PNC Financial Services Group by 2.7% during the fourth quarter. Adviser Investments LLC now owns 3,509 shares of the financial services provider’s stock valued at $410,000 after acquiring an additional 91 shares during the last quarter. Cohen & Steers Inc. increased its position in shares of PNC Financial Services Group by 0.6% during the third quarter. Cohen & Steers Inc. now owns 16,001 shares of the financial services provider’s stock valued at $2,179,000 after acquiring an additional 96 shares during the last quarter. Parkside Financial Bank & Trust increased its position in shares of PNC Financial Services Group by 31.1% during the fourth quarter. Parkside Financial Bank & Trust now owns 409 shares of the financial services provider’s stock valued at $48,000 after acquiring an additional 97 shares during the last quarter. Finally, Indiana Trust & Investment Management CO increased its position in shares of PNC Financial Services Group by 3.8% during the fourth quarter. Indiana Trust & Investment Management CO now owns 2,735 shares of the financial services provider’s stock valued at $320,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 79.90% of the company’s stock.

In related news, insider Michael J. Hannon sold 5,000 shares of PNC Financial Services Group stock in a transaction that occurred on Tuesday, January 22nd. The shares were sold at an average price of $124.82, for a total value of $624,100.00. Following the completion of the transaction, the insider now owns 53,239 shares in the company, valued at $6,645,291.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff purchased 500 shares of the firm’s stock in a transaction that occurred on Thursday, February 21st. The stock was purchased at an average price of $125.69 per share, with a total value of $62,845.00. The disclosure for this purchase can be found here. 0.38% of the stock is owned by insiders.

Shares of PNC stock opened at $129.86 on Friday. The company has a quick ratio of 0.88, a current ratio of 0.87 and a debt-to-equity ratio of 1.10. The company has a market capitalization of $58.91 billion, a P/E ratio of 12.13, a price-to-earnings-growth ratio of 1.51 and a beta of 1.05. PNC Financial Services Group Inc has a fifty-two week low of $108.45 and a fifty-two week high of $160.96.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, January 16th. The financial services provider reported $2.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.79 by ($0.04). PNC Financial Services Group had a return on equity of 11.23% and a net margin of 26.51%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.37 billion. During the same quarter in the prior year, the firm earned $2.29 EPS. The firm’s revenue was up 1.9% compared to the same quarter last year. As a group, research analysts predict that PNC Financial Services Group Inc will post 11.32 EPS for the current year.

A number of brokerages recently weighed in on PNC. Zacks Investment Research cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a report on Monday, March 11th. Macquarie upgraded shares of PNC Financial Services Group from a “neutral” rating to an “outperform” rating in a report on Wednesday, March 6th. Deutsche Bank cut shares of PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $123.89 price objective for the company. in a report on Friday, January 25th. Credit Suisse Group restated a “hold” rating and issued a $146.00 price objective on shares of PNC Financial Services Group in a report on Thursday, January 17th. Finally, Royal Bank of Canada dropped their price objective on shares of PNC Financial Services Group to $150.00 and set an “average” rating for the company in a report on Thursday, January 17th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the stock. PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $145.45.

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PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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