Meeder Asset Management Inc. Sells 1,352 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Meeder Asset Management Inc. trimmed its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 57.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,013 shares of the financial services provider’s stock after selling 1,352 shares during the quarter. Meeder Asset Management Inc.’s holdings in The PNC Financial Services Group were worth $158,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in PNC. Valley Brook Capital Group Inc. lifted its position in The PNC Financial Services Group by 0.6% during the second quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock worth $1,648,000 after buying an additional 62 shares in the last quarter. Triangle Securities Wealth Management boosted its position in shares of The PNC Financial Services Group by 1.8% during the 1st quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after acquiring an additional 70 shares during the last quarter. Cooper Financial Group grew its holdings in shares of The PNC Financial Services Group by 1.7% in the first quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after purchasing an additional 70 shares during the period. Berkshire Bank increased its position in The PNC Financial Services Group by 2.0% during the first quarter. Berkshire Bank now owns 3,562 shares of the financial services provider’s stock worth $576,000 after purchasing an additional 71 shares during the last quarter. Finally, Farmers & Merchants Trust Co of Chambersburg PA boosted its holdings in The PNC Financial Services Group by 22.3% in the 1st quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 390 shares of the financial services provider’s stock valued at $63,000 after purchasing an additional 71 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares in the company, valued at approximately $101,604,582.17. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,263 shares of company stock worth $4,418,109. 0.42% of the stock is owned by insiders.

The PNC Financial Services Group Stock Down 0.2 %

PNC stock opened at $177.24 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $185.84. 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 cap of $70.45 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The company has a fifty day moving average price of $175.16 and a 200 day moving average price of $161.66.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $5.40 billion. During the same quarter last year, the company posted $3.36 earnings per share. The business’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.61%. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 53.74%.

Analysts Set New Price Targets

Several analysts have recently commented on PNC shares. Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. UBS Group increased their price target 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. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $176.90.

The PNC Financial Services Group Company 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.