Mizuho Securities USA LLC Trims Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Mizuho Securities USA LLC cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 15.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 31,703 shares of the financial services provider’s stock after selling 5,903 shares during the quarter. Mizuho Securities USA LLC’s holdings in The PNC Financial Services Group were worth $5,572,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. increased its stake in The PNC Financial Services Group by 172.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 56,708 shares of the financial services provider’s stock worth $9,968,000 after acquiring an additional 35,926 shares during the last quarter. Donoghue Forlines LLC increased its stake in The PNC Financial Services Group by 9.8% during the first quarter. Donoghue Forlines LLC now owns 8,507 shares of the financial services provider’s stock worth $1,495,000 after acquiring an additional 757 shares during the last quarter. Townsquare Capital LLC increased its stake in The PNC Financial Services Group by 13.2% during the first quarter. Townsquare Capital LLC now owns 26,674 shares of the financial services provider’s stock worth $4,688,000 after acquiring an additional 3,107 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in The PNC Financial Services Group during the first quarter worth about $7,383,000. Finally, Savvy Advisors Inc. increased its stake in The PNC Financial Services Group by 12.1% during the first quarter. Savvy Advisors Inc. now owns 1,190 shares of the financial services provider’s stock worth $209,000 after acquiring an additional 128 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares of the company’s stock, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 3,976 shares of company stock worth $693,765. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Oppenheimer upgraded The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $238.00 price target for the company in a research note on Wednesday, July 30th. Citigroup increased their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a “buy” rating in a research note on Thursday, July 17th. TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday, May 15th. They issued a “buy” rating and a $233.00 target price for the company. Wolfe Research reiterated a “peer perform” rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Finally, Barclays lowered their target price on The PNC Financial Services Group from $257.00 to $235.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and an average price target of $214.17.

The PNC Financial Services Group Trading Up 1.3%

Shares of PNC opened at $189.58 on Friday. The company has a market capitalization of $74.66 billion, a P/E ratio of 12.97, a P/E/G ratio of 1.41 and a beta of 1.09. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a 50-day moving average price of $187.37 and a 200 day moving average price of $179.86.

The PNC Financial Services Group (NYSE:PNC) last released its 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 PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the business posted $3.39 EPS. The PNC Financial Services Group’s quarterly revenue was up 4.6% compared to the same quarter last year. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 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 Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.60. The PNC Financial Services Group’s dividend payout ratio (DPR) is 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.