Berkshire Bank Has $439,000 Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Berkshire Bank cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,497 shares of the financial services provider’s stock after selling 111 shares during the period. Berkshire Bank’s holdings in The PNC Financial Services Group were worth $439,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of PNC. Transcend Capital Advisors LLC raised its stake in shares of The PNC Financial Services Group by 1.8% during the fourth quarter. Transcend Capital Advisors LLC now owns 3,197 shares of the financial services provider’s stock valued at $616,000 after acquiring an additional 55 shares during the last quarter. Valmark Advisers Inc. grew its holdings in The PNC Financial Services Group by 1.4% in the fourth quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock worth $773,000 after purchasing an additional 56 shares during the period. Quadrant Capital Group LLC grew its holdings in The PNC Financial Services Group by 0.9% in the fourth quarter. Quadrant Capital Group LLC now owns 6,679 shares of the financial services provider’s stock worth $1,288,000 after purchasing an additional 59 shares during the period. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 41.5% during the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 59 shares in the last quarter. Finally, Dynasty Wealth Management LLC lifted its position in shares of The PNC Financial Services Group by 4.5% during the fourth quarter. Dynasty Wealth Management LLC now owns 1,477 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 64 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on PNC shares. Hsbc Global Res raised shares of The PNC Financial Services Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 31st. Royal Bank of Canada lowered their price target on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating for the company in a report on Wednesday, April 16th. HSBC upgraded shares of The PNC Financial Services Group from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $206.00 to $202.00 in a report on Monday, March 31st. Finally, TD Cowen began coverage on shares of The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 price target for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $202.67.

Insiders Place Their Bets

In related news, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president now directly owns 20,490 shares of the company’s stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the transaction, the chief executive officer now directly owns 554,879 shares of the company’s stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,912 shares of company stock worth $2,313,022. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $175.08 on Tuesday. The firm’s 50-day moving average price is $167.56 and its 200-day moving average price is $181.73. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.13. The company has a market cap of $69.26 billion, a PE ratio of 12.73, a PEG ratio of 1.55 and a beta of 1.06. The PNC Financial Services Group, Inc. has a 52-week low of $145.12 and a 52-week high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.47 by $0.04. The company had revenue of $5.45 billion for the quarter, compared to the consensus estimate of $5.50 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. As a group, analysts anticipate that The PNC Financial Services Group, Inc. will post 15.37 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 5th. Shareholders of record on Wednesday, April 16th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date of this dividend was Wednesday, April 16th. The PNC Financial Services Group’s payout ratio is 45.20%.

The PNC Financial Services Group Company 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.