Toronto Dominion Bank Trims Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Toronto Dominion Bank lowered its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 56.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 195,810 shares of the financial services provider’s stock after selling 251,945 shares during the period. Toronto Dominion Bank’s holdings in The PNC Financial Services Group were worth $37,762,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Scientech Research LLC bought a new stake in shares of The PNC Financial Services Group in the 4th quarter worth approximately $1,097,000. Silvercrest Asset Management Group LLC boosted its holdings in The PNC Financial Services Group by 3.2% in the fourth quarter. Silvercrest Asset Management Group LLC now owns 635,739 shares of the financial services provider’s stock worth $122,602,000 after acquiring an additional 20,007 shares in the last quarter. Royal Bank of Canada grew its stake in shares of The PNC Financial Services Group by 5.3% in the fourth quarter. Royal Bank of Canada now owns 3,573,162 shares of the financial services provider’s stock worth $689,084,000 after acquiring an additional 179,760 shares during the last quarter. Rafferty Asset Management LLC increased its holdings in shares of The PNC Financial Services Group by 3.9% during the fourth quarter. Rafferty Asset Management LLC now owns 139,984 shares of the financial services provider’s stock valued at $26,996,000 after acquiring an additional 5,219 shares in the last quarter. Finally, Raiffeisen Bank International AG purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth about $4,834,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $179.45 on Monday. The company has a 50-day moving average price of $164.86 and a 200-day moving average price of $186.19. 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 1.13. The firm has a market capitalization of $70.98 billion, a P/E ratio of 13.05, a PEG ratio of 1.55 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, April 15th. The financial services provider reported $3.51 EPS for the quarter, beating analysts’ consensus estimates of $3.47 by $0.04. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The business had revenue of $5.45 billion during the quarter, compared to analysts’ expectations of $5.50 billion. Equities research analysts anticipate 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 announced a quarterly dividend, which was paid on Monday, May 5th. Investors of record on Wednesday, April 16th were issued a $1.60 dividend. The ex-dividend date was Wednesday, April 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.57%. The PNC Financial Services Group’s dividend payout ratio is currently 45.20%.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $150.50, for a total value of $96,470.50. Following the transaction, the chief executive officer now owns 562,291 shares of the company’s stock, valued at $84,624,795.50. This trade represents a 0.11% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president now directly owns 20,490 shares in the company, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,396 shares of company stock valued at $2,789,603. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

PNC has been the topic of several recent analyst reports. Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an “overweight” rating on the stock in a research report on Friday, March 28th. Morgan Stanley cut their price target on shares of The PNC Financial Services Group from $179.00 to $178.00 and set an “underweight” rating on the stock in a report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an “underperform” rating for the company in a report on Wednesday, April 16th. TD Cowen started coverage on The PNC Financial Services Group in a research note on Thursday. They set a “buy” rating and a $233.00 target price on the stock. Finally, Citigroup decreased their price target on The PNC Financial Services Group from $235.00 to $200.00 and set a “buy” rating for the company in a research note on Monday, March 24th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $202.67.

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.