Ferguson Wellman Capital Management Inc. Sells 1,085 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Ferguson Wellman Capital Management Inc. lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,433 shares of the financial services provider’s stock after selling 1,085 shares during the quarter. Ferguson Wellman Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $1,622,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. V Square Quantitative Management LLC raised its stake in shares of The PNC Financial Services Group by 23.3% in the first quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock valued at $1,371,000 after acquiring an additional 1,604 shares during the period. Cerity Partners LLC grew its stake in The PNC Financial Services Group by 15.0% in the 4th quarter. Cerity Partners LLC now owns 112,831 shares of the financial services provider’s stock worth $17,472,000 after acquiring an additional 14,750 shares in the last quarter. Grayhawk Investment Strategies Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter worth approximately $1,200,000. Envestnet Asset Management Inc. raised its stake in shares of The PNC Financial Services Group by 0.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 1,548,543 shares of the financial services provider’s stock valued at $239,792,000 after acquiring an additional 6,657 shares in the last quarter. Finally, Groupama Asset Managment bought a new position in The PNC Financial Services Group in the fourth quarter worth approximately $23,578,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’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 directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The disclosure for this sale can be found here. Insiders have sold a total of 21,537 shares of company stock worth $3,758,458 over the last quarter. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock traded up $0.37 during mid-day trading on Wednesday, reaching $168.58. 1,172,623 shares of the company traded hands, compared to its average volume of 1,923,480. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $182.84. The firm’s fifty day moving average is $164.10 and its two-hundred day moving average is $156.99. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $67.01 billion, a price-to-earnings ratio of 14.11, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the prior year, the firm earned $3.36 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.13 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a $1.60 dividend. This represents a $6.40 annualized dividend and a dividend yield of 3.80%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Wall Street Analyst Weigh In

PNC has been the subject of several research reports. Barclays upped their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Evercore ISI increased their target price on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Jefferies Financial Group upped their price target on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research report on Wednesday, July 3rd. Bank of America lifted their price objective on shares of The PNC Financial Services Group from $169.00 to $185.00 and gave the company a “neutral” rating in a report on Wednesday, July 17th. Finally, UBS Group upped their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Two research 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’s stock. According to MarketBeat, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus target price of $176.09.

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.