Merrion Investment Management Co LLC Sells 475 Shares of The PNC Financial Services Group, Inc $PNC

Merrion Investment Management Co LLC cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 17.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,225 shares of the financial services provider’s stock after selling 475 shares during the quarter. Merrion Investment Management Co LLC’s holdings in The PNC Financial Services Group were worth $415,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in PNC. Saudi Central Bank acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $27,000. IMG Wealth Management Inc. acquired a new position in shares of The PNC Financial Services Group in the second quarter valued at $27,000. Concord Wealth Partners lifted its position in The PNC Financial Services Group by 144.9% in the second quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock worth $32,000 after purchasing an additional 100 shares during the period. WPG Advisers LLC acquired a new stake in The PNC Financial Services Group during the first quarter worth $36,000. Finally, FNY Investment Advisers LLC bought a new stake in The PNC Financial Services Group in the 2nd quarter valued at $37,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $184.07 on Friday. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a 50 day moving average of $193.80 and a 200-day moving average of $187.14. 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 firm has a market cap of $72.49 billion, a price-to-earnings ratio of 11.89, a PEG ratio of 1.26 and a beta of 1.12.

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

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th were paid a $1.70 dividend. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The PNC Financial Services Group’s dividend payout ratio (DPR) is 43.93%.

Insider Transactions at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the company’s stock in a transaction dated Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total transaction of $183,570.00. Following the transaction, the executive vice president owned 5,802 shares in the company, valued at $1,065,073.14. This represents a 14.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the stock in a transaction dated Friday, October 24th. The stock was sold at an average price of $186.97, for a total transaction of $201,927.60. Following the sale, the executive vice president directly owned 27,335 shares in the company, valued at approximately $5,110,824.95. This represents a 3.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 2,151 shares of company stock valued at $400,092 over the last ninety days. 0.41% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Cfra Research upgraded shares of The PNC Financial Services Group to a “moderate buy” rating in a research note on Thursday, October 16th. Raymond James Financial increased their price target on shares of The PNC Financial Services Group from $220.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. Bank of America raised their price target 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. Weiss Ratings reiterated a “buy (b-)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, October 8th. Finally, Oppenheimer restated an “outperform” rating and set a $240.00 target price (up previously from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $218.47.

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.