Sequoia Financial Advisors LLC Sells 1,308 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Sequoia Financial Advisors LLC trimmed its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 13.0% in the first quarter, Holdings Channel.com reports. The fund owned 8,721 shares of the financial services provider’s stock after selling 1,308 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in The PNC Financial Services Group were worth $1,409,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PNC. Rockline Wealth Management LLC bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,825,000. AQR Capital Management LLC lifted its holdings in The PNC Financial Services Group by 144.2% during the 3rd quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after purchasing an additional 67,490 shares during the last quarter. V Square Quantitative Management LLC lifted its holdings in The PNC Financial Services Group by 23.3% during the 1st quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock valued at $1,371,000 after purchasing an additional 1,604 shares during the last quarter. Trust Point Inc. bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $459,000. Finally, McGlone Suttner Wealth Management Inc. bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $295,000. 83.53% of the stock is owned by institutional investors.

The PNC Financial Services Group Trading Down 0.8 %

NYSE PNC traded down $1.28 during trading on Friday, reaching $156.51. 975,132 shares of the stock traded hands, compared to its average volume of 1,361,496. The firm has a market cap of $62.28 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 2.25 and a beta of 1.15. The stock’s 50-day moving average price is $155.24 and its 200 day moving average price is $153.12. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The firm had revenue of $5.15 billion during the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The business’s revenue for the quarter was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.98 earnings per share. Analysts predict that The PNC Financial Services Group, Inc. will post 12.65 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be issued a dividend of $1.60 per share. The ex-dividend date is Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 4.09%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Jefferies Financial Group lifted their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a report on Wednesday. Wells Fargo & Company raised their price objective on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their price objective for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Finally, The Goldman Sachs Group raised their price objective on shares of The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research report on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $158.56.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,132 shares of company stock worth $328,809. 0.42% of the stock is currently owned by company insiders.

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.