The Manufacturers Life Insurance Company Decreases Stock Holdings in The PNC Financial Services Group, Inc $PNC

The Manufacturers Life Insurance Company reduced its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 5.1% in the second quarter, Holdings Channel reports. The fund owned 280,552 shares of the financial services provider’s stock after selling 15,054 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in The PNC Financial Services Group were worth $69,078,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Monetary Solutions Ltd bought a new stake in The PNC Financial Services Group in the fourth quarter worth $25,000. Quarry LP bought a new position in The PNC Financial Services Group during the third quarter valued at $25,000. Highland Investment Advisors LLC bought a new position in The PNC Financial Services Group during the second quarter valued at $27,000. Mowery & Schoenfeld Wealth Management LLC purchased a new position in shares of The PNC Financial Services Group in the 2nd quarter worth $28,000. Finally, Modus Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the 4th quarter worth $29,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Stacy Juchno sold 3,354 shares of the firm’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president directly owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PNC. Stephens upped their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Thursday, July 16th. Citigroup lifted their price target on The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Robert W. Baird boosted their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Argus upped their price objective on The PNC Financial Services Group from $250.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $265.73.

The PNC Financial Services Group Trading Up 0.6%

Shares of PNC opened at $244.32 on Friday. The company’s fifty day simple moving average is $249.01 and its 200-day simple moving average is $230.27. The company has a market cap of $97.47 billion, a P/E ratio of 13.45, a P/E/G ratio of 1.21 and a beta of 0.90. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $258.96.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 EPS for the quarter, topping analysts’ consensus estimates of $4.46 by $0.39. The firm had revenue of $6.88 billion during the quarter, compared to analysts’ expectations of $6.51 billion. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company earned $3.85 EPS. As a group, analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through PNC Bank and its other businesses, the company provides banking, lending, investment, and financial advisory services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management, payment processing, and corporate banking services.