Estabrook Capital Management Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

Estabrook Capital Management reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,815 shares of the financial services provider’s stock after selling 609 shares during the quarter. The PNC Financial Services Group comprises approximately 2.1% of Estabrook Capital Management’s holdings, making the stock its 10th largest position. Estabrook Capital Management’s holdings in The PNC Financial Services Group were worth $13,574,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of PNC. Saudi Central Bank purchased a new position in The PNC Financial Services Group during the first quarter valued at $27,000. IMG Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $27,000. Concord Wealth Partners boosted its holdings in shares of The PNC Financial Services Group by 144.9% during the 2nd quarter. Concord Wealth Partners now owns 169 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. WPG Advisers LLC purchased a new position in shares of The PNC Financial Services Group during the first quarter valued at about $36,000. Finally, FNY Investment Advisers LLC bought a new stake in shares of The PNC Financial Services Group in the second quarter worth about $37,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $183.57, for a total transaction of $183,570.00. Following the completion of the sale, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Guild Deborah sold 1,080 shares of the business’s stock in a transaction on 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 owned 27,335 shares of the company’s stock, valued at approximately $5,110,824.95. The trade was a 3.80% decrease in their position. The SEC filing for this sale provides additional information. 0.41% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on PNC shares. Stephens restated an “equal weight” rating and set a $200.00 price target on shares of The PNC Financial Services Group in a report on Wednesday, September 10th. Oppenheimer lowered their target price on The PNC Financial Services Group from $240.00 to $231.00 and set an “outperform” rating for the company in a research report on Wednesday, November 19th. Citigroup boosted their price target on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $230.00 to $240.00 and gave the company an “overweight” rating in a research report on Friday, October 3rd. Finally, Evercore ISI boosted their target price on shares of The PNC Financial Services Group from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $218.00.

The PNC Financial Services Group Stock Down 0.5%

NYSE PNC opened at $190.91 on Friday. 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 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 $74.87 billion, a price-to-earnings ratio of 12.33, a PEG ratio of 1.26 and a beta of 1.12. The company has a fifty day moving average of $188.48 and a two-hundred day moving average of $189.45.

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, beating the consensus estimate of $4.05 by $0.30. The business had revenue of $5.92 billion for the quarter, compared to the consensus estimate 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 business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.49 earnings per share. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, October 14th. This represents a $6.80 annualized dividend and a yield of 3.6%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 43.93%.

The PNC Financial Services Group Company 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.