The PNC Financial Services Group, Inc $PNC Position Trimmed by Penobscot Investment Management Company Inc.

Penobscot Investment Management Company Inc. decreased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC) by 36.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,410 shares of the financial services provider’s stock after selling 3,054 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in The PNC Financial Services Group were worth $1,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Monetary Solutions Ltd acquired a new position in shares of The PNC Financial Services Group in the 4th quarter worth $25,000. Quarry LP purchased a new stake in shares of The PNC Financial Services Group during the third quarter valued at $25,000. Modus Advisors LLC acquired a new position in shares of The PNC Financial Services Group in the 4th quarter valued at $29,000. Financial Life Planners acquired a new position in shares of The PNC Financial Services Group in the 1st quarter valued at $31,000. Finally, Kemnay Advisory Services Inc. purchased a new position in The PNC Financial Services Group in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Citigroup boosted their price target on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Bank of America upped their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Jefferies Financial Group assumed coverage on shares of The PNC Financial Services Group in a research note on Thursday, March 26th. They issued a “buy” rating and a $250.00 price objective for the company. Finally, Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $268.00 to $271.00 and gave the company an “outperform” rating in a research note on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $258.09.

The PNC Financial Services Group News Roundup

Here are the key news stories impacting The PNC Financial Services Group this week:

• Positive Sentiment: PNC boosted its quarterly dividend by about 17.6%-18%, signaling strong capital levels and management confidence in future cash generation. The increase should appeal to income investors and may be helping the stock. Article Title
• Positive Sentiment: UBS raised its price target on PNC and reiterated a buy rating, pointing to upside potential versus the recent trading level. That kind of analyst support can lift sentiment ahead of earnings. Article Title
• Positive Sentiment: PNC launched a new mobile banking app, which could improve customer experience and help strengthen digital engagement over time. Article Title
• Positive Sentiment: PNC is being discussed as part of a possible bank-led effort to buy Fiserv’s STAR debit network, a move that could reduce payment-processing costs and create a new revenue opportunity for large banks if it advances. Article Title
• Neutral Sentiment: Wall Street expects PNC to report earnings growth in its July 15 Q2 results, but some commentary says the setup does not strongly favor a clear earnings beat. Investors are likely waiting for the report before making bigger moves. Article Title

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew T. Feldstein sold 45,000 shares of The PNC Financial Services Group stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares of the company’s stock, valued at approximately $2,370,906.93. The trade was a 80.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 48,300 shares of company stock valued at $10,694,574 in the last quarter. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $246.58 on Thursday. The business’s 50-day moving average is $228.64 and its 200-day moving average is $221.56. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82. The company has a market capitalization of $99.02 billion, a price-to-earnings ratio of 14.33, a P/E/G ratio of 1.04 and a beta of 0.91. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.00.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 EPS for the quarter, topping the consensus estimate of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period last year, the company posted $3.51 earnings per share. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. Equities research analysts expect that The PNC Financial Services Group, Inc will post 18.83 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date of this dividend is Monday, July 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 39.51%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.