Legacy Capital Group California Inc. Sells 100 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Legacy Capital Group California Inc. lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,078 shares of the financial services provider’s stock after selling 100 shares during the quarter. Legacy Capital Group California Inc.’s holdings in The PNC Financial Services Group were worth $893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of PNC. Massachusetts Financial Services Co. MA increased its stake in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider’s stock worth $1,670,249,000 after purchasing an additional 1,964,157 shares in the last quarter. Northern Trust Corp lifted its stake in shares of The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider’s stock valued at $905,530,000 after buying an additional 608,375 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider’s stock worth $713,063,000 after buying an additional 186,249 shares during the period. Royal Bank of Canada boosted its holdings in The PNC Financial Services Group by 5.3% in the 4th quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider’s stock worth $689,084,000 after buying an additional 179,760 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in The PNC Financial Services Group by 10.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 3,273,376 shares of the financial services provider’s stock worth $631,271,000 after buying an additional 322,982 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the completion of the sale, the executive vice president directly owned 20,490 shares of the company’s stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,218 shares of company stock worth $900,918. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on PNC shares. Wall Street Zen upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Raymond James Financial raised The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $220.00 price target on the stock in a report on Tuesday, July 8th. Bank of America upped their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Oppenheimer raised shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 price objective for the company in a report on Wednesday, July 30th. Finally, TD Cowen began coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They issued a “buy” rating and a $233.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $214.17.

The PNC Financial Services Group Stock Down 0.1%

NYSE PNC opened at $188.91 on Wednesday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The firm has a market capitalization of $74.39 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.41 and a beta of 1.09. The company has a fifty day moving average of $186.52 and a two-hundred day moving average of $180.05.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts’ consensus estimates of $3.56 by $0.29. The firm had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period in the previous year, the company earned $3.39 EPS. On average, analysts predict that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.51%.

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.