HighTower Advisors LLC Decreases Holdings in The PNC Financial Services Group, Inc $PNC

HighTower Advisors LLC decreased its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 21.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 229,612 shares of the financial services provider’s stock after selling 61,999 shares during the quarter. HighTower Advisors LLC’s holdings in The PNC Financial Services Group were worth $56,535,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of PNC. California State Teachers Retirement System lifted its holdings in shares of The PNC Financial Services Group by 24,820.0% in the 2nd quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider’s stock worth $37,967,719,000 after acquiring an additional 153,583,625 shares during the last quarter. BlackRock Inc. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $7,921,455,000. Norges Bank bought a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $1,967,080,000. Bank of America Corp DE purchased a new position in The PNC Financial Services Group in the 2nd quarter worth $2,102,631,000. Finally, Viking Global Investors LP lifted its stake in The PNC Financial Services Group by 234.9% in the third quarter. Viking Global Investors LP now owns 7,956,766 shares of the financial services provider’s stock worth $1,598,753,000 after purchasing an additional 5,581,102 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PNC has been the subject of several analyst reports. Royal Bank Of Canada upped their price target on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered The PNC Financial Services Group from a “buy” rating to a “hold” rating and set a $265.00 target price for the company. in a research note on Thursday, July 23rd. Stephens raised their price target on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research report on Thursday, July 16th. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Barclays boosted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and a consensus price target of $265.73.

Insider Transactions at The PNC Financial Services Group

In other news, EVP Michael Thomas sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, June 12th. The stock was sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president directly owned 5,059 shares of the company’s stock, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. This represents a 15.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.38% of the company’s stock.

The PNC Financial Services Group Trading Up 0.0%

NYSE PNC opened at $245.64 on Tuesday. The stock has a market cap of $98.00 billion, a P/E ratio of 13.52, a price-to-earnings-growth ratio of 1.23 and a beta of 0.90. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $258.96. The stock has a 50 day simple moving average of $249.51 and a two-hundred day simple moving average of $229.96. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. During the same period last year, the company posted $3.85 EPS. The company’s quarterly revenue was up 21.4% compared to the same quarter last year. On average, analysts forecast that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Monday, July 20th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The PNC Financial Services Group’s dividend payout ratio (DPR) is 44.03%.

About The PNC Financial Services Group

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.