The PNC Financial Services Group, Inc $PNC Shares Sold by Wealthfront Advisers LLC

Wealthfront Advisers LLC lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 13.1% during the second quarter, Holdings Channel.com reports. The fund owned 52,257 shares of the financial services provider’s stock after selling 7,896 shares during the quarter. Wealthfront Advisers LLC’s holdings in The PNC Financial Services Group were worth $9,742,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in PNC. Vanguard Group Inc. boosted its stake in The PNC Financial Services Group by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider’s stock worth $6,673,217,000 after purchasing an additional 248,252 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in The PNC Financial Services Group by 26.1% during the 1st 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 during the last quarter. Ameriprise Financial Inc. boosted its stake in The PNC Financial Services Group by 0.5% during the 1st quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider’s stock worth $844,967,000 after purchasing an additional 24,588 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in The PNC Financial Services Group by 4.8% during 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 purchasing an additional 186,249 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in The PNC Financial Services Group by 41.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider’s stock worth $495,336,000 after purchasing an additional 830,440 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America lifted their target price on shares of 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. Stephens reissued an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. Morgan Stanley boosted their price target on shares of The PNC Financial Services Group from $186.00 to $206.00 and gave the company an “underweight” rating in a research report on Monday, September 29th. Raymond James Financial boosted their price target on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Moderate Buy” and an average target price of $218.47.

The PNC Financial Services Group Stock Up 2.4%

Shares of PNC opened at $186.38 on Monday. The firm has a market cap of $73.40 billion, a P/E ratio of 12.04, a price-to-earnings-growth ratio of 1.30 and a beta of 1.10. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company’s 50-day moving average price is $197.18 and its 200 day moving average price is $185.06. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.05 by $0.30. The firm had revenue of $5.92 billion for the quarter, compared to analyst estimates of $5.82 billion. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The PNC Financial Services Group’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $3.49 EPS. On average, sell-side analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s payout ratio is 43.93%.

The PNC Financial Services Group 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.