Summit Global Investments Has $200,000 Stake in The PNC Financial Services Group, Inc $PNC

Summit Global Investments cut its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 73.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,074 shares of the financial services provider’s stock after selling 3,000 shares during the quarter. Summit Global Investments’ holdings in The PNC Financial Services Group were worth $200,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its stake in shares of The PNC Financial Services Group by 0.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 21,661 shares of the financial services provider’s stock valued at $4,038,000 after purchasing an additional 190 shares during the period. Global Retirement Partners LLC acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $2,254,000. Waterloo Capital L.P. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter worth approximately $403,000. Prudential Financial Inc. grew its position in shares of The PNC Financial Services Group by 198.4% during the 2nd quarter. Prudential Financial Inc. now owns 654,020 shares of the financial services provider’s stock worth $121,922,000 after buying an additional 434,855 shares during the period. Finally, Coldstream Capital Management Inc. increased its stake in shares of The PNC Financial Services Group by 9.2% in the 2nd quarter. Coldstream Capital Management Inc. now owns 9,808 shares of the financial services provider’s stock valued at $1,828,000 after acquiring an additional 830 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Activity

In other The PNC Financial Services Group news, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction dated Friday, October 24th. The shares were sold at an average price of $186.97, for a total value of $201,927.60. Following the transaction, the executive vice president directly owned 27,335 shares in the company, valued at $5,110,824.95. The trade was a 3.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Michael Duane Thomas sold 1,000 shares of the stock in a transaction on Tuesday, November 4th. The shares were sold at an average price of $183.57, for a total value of $183,570.00. Following the transaction, the executive vice president directly owned 5,802 shares of the company’s stock, valued at approximately $1,065,073.14. This trade represents a 14.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PNC. Stephens reissued an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Oppenheimer cut their price objective on shares of The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. UBS Group boosted their target price on The PNC Financial Services Group from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, October 7th. Morgan Stanley increased their price target on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an “underweight” rating in a report on Monday, September 29th. Finally, Raymond James Financial raised their price objective on The PNC Financial Services Group from $220.00 to $225.00 and gave the company an “outperform” rating in a research note on Friday, September 19th. One research 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 given 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 a consensus target price of $218.00.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $191.96 on Thursday. The PNC Financial Services Group, Inc has a 52 week low of $145.12 and a 52 week high of $216.26. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.06. The business has a 50 day moving average price of $189.06 and a 200-day moving average price of $189.24. The company has a market cap of $75.28 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share 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 firm had revenue of $5.92 billion for the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the previous year, the business earned $3.49 EPS. The company’s revenue was up 8.9% compared to the same quarter last year. Equities analysts anticipate 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 business also recently declared a quarterly dividend, which was paid on Wednesday, November 5th. Investors of record on Tuesday, October 14th were given a dividend of $1.70 per share. The ex-dividend date was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.5%. The PNC Financial Services Group’s dividend payout ratio is presently 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.