Thoroughbred Financial Services LLC Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Thoroughbred Financial Services LLC lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 40.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,163 shares of the financial services provider’s stock after selling 6,782 shares during the period. Thoroughbred Financial Services LLC’s holdings in The PNC Financial Services Group were worth $1,642,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Capital International Investors boosted its position in The PNC Financial Services Group by 14.4% during the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares in the last quarter. Norges Bank bought a new stake in The PNC Financial Services Group during the fourth quarter valued at about $1,039,481,000. Franklin Resources Inc. boosted its position in The PNC Financial Services Group by 165.4% during the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after purchasing an additional 3,046,226 shares in the last quarter. Capital Research Global Investors boosted its holdings in The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after acquiring an additional 778,264 shares in the last quarter. Finally, Putnam Investments LLC boosted its holdings in The PNC Financial Services Group by 3.2% in the fourth quarter. Putnam Investments LLC now owns 3,672,339 shares of the financial services provider’s stock worth $568,662,000 after acquiring an additional 114,960 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock traded up $6.95 on Tuesday, reaching $175.97. The company’s stock had a trading volume of 2,132,593 shares, compared to its average volume of 1,897,568. The company has a market capitalization of $70.02 billion, a P/E ratio of 14.19, a PEG ratio of 1.72 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $176.69. The stock has a 50-day moving average price of $156.42 and a 200-day moving average price of $153.62. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.39 EPS for the quarter, beating analysts’ consensus estimates of $2.99 by $0.40. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The business’s revenue was up 2.2% compared to the same quarter last year. During the same period in the previous year, the business earned $3.36 earnings per share. Analysts expect that The PNC Financial Services Group, Inc. will post 12.67 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Stockholders of record on Monday, July 15th will be given a $1.60 dividend. The ex-dividend date of this dividend is Monday, July 15th. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.64%. The PNC Financial Services Group’s payout ratio is 52.06%.

Insider Buying and Selling

In related news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the completion of the sale, the executive vice president now directly owns 3,502 shares in the company, valued at $545,856.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total transaction of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,419 shares of company stock worth $1,022,826. 0.42% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. UBS Group raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $165.00 to $179.00 in a report on Monday, July 8th. The Goldman Sachs Group raised their price target on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a report on Monday, April 1st. Wells Fargo & Company raised their price target on The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. HSBC raised The PNC Financial Services Group from a “reduce” rating to a “hold” rating and lifted their target price for the stock from $141.00 to $155.00 in a report on Thursday, March 28th. Finally, JPMorgan Chase & Co. decreased their target price on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus target price of $159.63.

About The PNC Financial Services Group

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.