Swedbank AB Cuts Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Swedbank AB lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 211,282 shares of the financial services provider’s stock after selling 3,595 shares during the period. Swedbank AB owned 0.05% of The PNC Financial Services Group worth $32,850,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Tennessee Valley Asset Management Partners purchased a new stake in The PNC Financial Services Group during the fourth quarter worth $26,000. Bank & Trust Co purchased a new stake in The PNC Financial Services Group during the second quarter valued at about $26,000. ORG Partners LLC grew its stake in The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after buying an additional 110 shares during the period. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter worth about $28,000. Finally, Palisade Asset Management LLC acquired a new position in The PNC Financial Services Group during the 1st quarter worth approximately $29,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insiders Place Their Bets

In related news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $180.48, for a total transaction of $224,156.16. Following the completion of the transaction, the chief executive officer now owns 560,911 shares of the company’s stock, valued at approximately $101,233,217.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The disclosure for this sale can be found here. Insiders have sold a total of 21,537 shares of company stock worth $3,758,458 in the last 90 days. Company insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on PNC. Royal Bank of Canada lifted their price objective on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $185.00 to $200.00 in a research note on Thursday. Barclays raised their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Finally, StockNews.com upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Wednesday, May 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $177.02.

The PNC Financial Services Group Stock Up 0.7 %

NYSE PNC traded up $1.18 during trading hours on Friday, reaching $173.00. 1,357,446 shares of the company’s stock were exchanged, compared to its average volume of 1,923,151. The company has a market capitalization of $68.77 billion, a price-to-earnings ratio of 14.43, a price-to-earnings-growth ratio of 2.16 and a beta of 1.15. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $182.84. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The company’s 50-day moving average is $164.72 and its two-hundred day moving average is $157.17.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate 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 in the previous year, the firm earned $3.36 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts forecast that The PNC Financial Services Group, Inc. will post 13.13 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were issued a dividend of $1.60 per share. The ex-dividend date was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.70%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

The PNC Financial Services Group 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.