The PNC Financial Services Group, Inc $PNC Stake Cut by ProShare Advisors LLC

ProShare Advisors LLC trimmed its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,650 shares of the financial services provider’s stock after selling 3,911 shares during the period. ProShare Advisors LLC’s holdings in The PNC Financial Services Group were worth $18,814,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PNC. BlackRock Inc. acquired a new position in The PNC Financial Services Group during the second quarter worth $7,921,455,000. State Street Corp lifted its holdings in The PNC Financial Services Group by 4.3% in the second quarter. State Street Corp now owns 18,434,446 shares of the financial services provider’s stock valued at $4,538,929,000 after acquiring an additional 765,097 shares during the period. Bank of America Corp DE acquired a new stake in The PNC Financial Services Group in the second quarter valued at $2,102,631,000. Deutsche Bank AG acquired a new stake in The PNC Financial Services Group in the second quarter valued at $1,054,189,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of The PNC Financial Services Group by 1.1% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,607,786 shares of the financial services provider’s stock worth $888,309,000 after purchasing an additional 39,112 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Raymond James Financial lowered their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $230.00 to $265.00 in a research note on Thursday, July 23rd. Keefe, Bruyette & Woods reduced their price objective on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a “market perform” rating for the company in a research note on Friday, October 16th. Argus boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, July 16th. Finally, Citigroup lowered their target price on shares of The PNC Financial Services Group from $290.00 to $270.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $266.04.

The PNC Financial Services Group Stock Up 1.7%

PNC opened at $231.74 on Tuesday. The business’s fifty day moving average is $229.81 and its two-hundred day moving average is $228.98. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.83 and a current ratio of 0.84. The company has a market cap of $92.45 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.18 and a beta of 0.94. The PNC Financial Services Group, Inc has a one year low of $177.08 and a one year high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, beating the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a return on equity of 12.82% and a net margin of 21.83%. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same quarter in the prior year, the company earned $4.35 earnings per share. The PNC Financial Services Group’s revenue was up 10.9% compared to the same quarter last year. Analysts anticipate that The PNC Financial Services Group, Inc will post 19.22 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be given a $2.00 dividend. The ex-dividend date is Wednesday, October 14th. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The PNC Financial Services Group’s payout ratio is currently 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.