UNIVEST FINANCIAL Corp Reduces Position in The PNC Financial Services Group, Inc $PNC

UNIVEST FINANCIAL Corp cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 3.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,735 shares of the financial services provider’s stock after selling 127 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in The PNC Financial Services Group were worth $696,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $27,000. Saudi Central Bank bought a new position in shares of The PNC Financial Services Group in the first quarter valued at approximately $27,000. Concord Wealth Partners boosted its position in shares of The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Cornerstone Planning Group LLC boosted its position in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 65 shares during the period. Finally, FNY Investment Advisers LLC bought a new position in shares of The PNC Financial Services Group in the second quarter valued at approximately $37,000. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Wolfe Research restated a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research report on Thursday, October 16th. Keefe, Bruyette & Woods upgraded shares of The PNC Financial Services Group from an “underperform” rating to a “market perform” rating and raised their price objective for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. Raymond James Financial raised their target price on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. Finally, Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research note on Monday, September 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $218.47.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, October 24th. The shares were sold at an average price of $186.97, for a total transaction of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. This trade represents a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Up 0.7%

Shares of PNC opened at $182.23 on Friday. The firm’s 50 day simple moving average is $196.32 and its 200 day simple moving average is $185.63. The company has a market capitalization of $71.76 billion, a P/E ratio of 11.77, a P/E/G ratio of 1.26 and a beta of 1.10. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The PNC Financial Services Group’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $3.49 earnings per share. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 annualized dividend and a dividend yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

About The PNC Financial Services Group

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.