TD Asset Management Inc. Has $22.24 Million Holdings in PNC Financial Services Group, Inc. (The) (NYSE:PNC)

TD Asset Management Inc. cut its holdings in shares of PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 19.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 178,066 shares of the financial services provider’s stock after selling 44,134 shares during the period. TD Asset Management Inc.’s holdings in PNC Financial Services Group, Inc. (The) were worth $22,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PNC. BlackRock Inc. lifted its position in PNC Financial Services Group, Inc. (The) by 2,833.1% during the first quarter. BlackRock Inc. now owns 27,133,914 shares of the financial services provider’s stock valued at $3,262,582,000 after purchasing an additional 26,208,815 shares during the period. FMR LLC lifted its position in PNC Financial Services Group, Inc. (The) by 19.4% during the first quarter. FMR LLC now owns 13,760,691 shares of the financial services provider’s stock valued at $1,654,586,000 after purchasing an additional 2,239,716 shares during the period. APG Asset Management N.V. lifted its position in PNC Financial Services Group, Inc. (The) by 275.3% during the first quarter. APG Asset Management N.V. now owns 1,626,728 shares of the financial services provider’s stock valued at $195,598,000 after purchasing an additional 1,193,335 shares during the period. Harbour Capital Advisors LLC lifted its position in PNC Financial Services Group, Inc. (The) by 43,366.7% during the second quarter. Harbour Capital Advisors LLC now owns 798,918 shares of the financial services provider’s stock valued at $6,398,000 after purchasing an additional 797,080 shares during the period. Finally, First Trust Advisors LP lifted its position in PNC Financial Services Group, Inc. (The) by 272.1% during the first quarter. First Trust Advisors LP now owns 855,203 shares of the financial services provider’s stock valued at $102,830,000 after purchasing an additional 625,372 shares during the period. Institutional investors own 81.18% of the company’s stock.

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Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded up 0.79% during midday trading on Friday, hitting $128.19. 3,278,971 shares of the company’s stock were exchanged. The stock has a market cap of $61.43 billion, a PE ratio of 16.31 and a beta of 0.93. The stock’s 50 day moving average is $127.70 and its 200-day moving average is $123.79. PNC Financial Services Group, Inc. has a 1-year low of $87.04 and a 1-year high of $133.26.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last posted its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.08. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The business had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.97 billion. During the same period in the previous year, the company posted $1.82 earnings per share. The business’s revenue for the quarter was up 7.0% compared to the same quarter last year. Analysts predict that PNC Financial Services Group, Inc. will post $8.41 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) announced that its board has initiated a stock repurchase plan on Wednesday, June 28th that authorizes the company to repurchase $2.70 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In related news, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the sale, the insider now directly owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $128.31, for a total transaction of $641,550.00. The disclosure for this sale can be found here. Insiders own 0.43% of the company’s stock.

A number of research analysts have weighed in on PNC shares. Robert W. Baird reaffirmed a “buy” rating and issued a $135.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Monday, August 28th. Zacks Investment Research cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, June 19th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $134.00 price objective on shares of PNC Financial Services Group, Inc. (The) in a report on Sunday, August 27th. BidaskClub cut shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Saturday, June 24th. Finally, Credit Suisse Group reissued a “neutral” rating and set a $126.00 target price (up previously from $114.00) on shares of PNC Financial Services Group, Inc. (The) in a research note on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $124.12.

About PNC Financial Services Group, Inc. (The)

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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