Price T Rowe Associates Inc. MD Sells 1,118,624 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Price T Rowe Associates Inc. MD decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 28.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 2,788,780 shares of the financial services provider’s stock after selling 1,118,624 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in The PNC Financial Services Group were worth $450,668,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in PNC. Capital International Investors increased its stake in The PNC Financial Services Group by 0.5% during the first quarter. Capital International Investors now owns 15,818,038 shares of the financial services provider’s stock valued at $2,556,195,000 after acquiring an additional 78,407 shares during the period. Norges Bank bought a new position in The PNC Financial Services Group during the 4th quarter valued at about $1,039,481,000. Franklin Resources Inc. boosted its holdings in shares of The PNC Financial Services Group by 165.4% in the 4th quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock worth $756,957,000 after acquiring an additional 3,046,226 shares in the last quarter. Capital Research Global Investors boosted its stake in The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after purchasing an additional 778,264 shares in the last quarter. Finally, Putnam Investments LLC lifted its position in The PNC Financial Services Group by 3.2% during the 4th quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after buying an additional 114,960 shares in the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Citigroup boosted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Wells Fargo & Company raised their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods boosted their target price 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. Finally, Barclays increased their price objective on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $175.34.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, July 19th. The stock was sold at an average price of $176.67, for a total value of $219,424.14. Following the sale, the chief executive officer now directly owns 562,153 shares of the company’s stock, valued at $99,315,570.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $176.67, for a total value of $219,424.14. Following the completion of the transaction, the chief executive officer now owns 562,153 shares of the company’s stock, valued at $99,315,570.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of The PNC Financial Services Group stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares in the company, valued at $90,341,920. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,661 shares of company stock valued at $1,242,250. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC traded up $0.22 during trading on Monday, reaching $181.43. The company’s stock had a trading volume of 339,298 shares, compared to its average volume of 1,917,217. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $72.19 billion, a price-to-earnings ratio of 15.24, a price-to-earnings-growth ratio of 2.33 and a beta of 1.15. The firm has a 50 day moving average price of $159.91 and a 200 day moving average price of $155.09. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $182.51.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The PNC Financial Services Group’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $3.36 earnings per share. As a group, equities analysts anticipate that The PNC Financial Services Group, Inc. will post 13 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be paid a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend is Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.53%. The PNC Financial Services Group’s dividend payout ratio (DPR) 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.