The PNC Financial Services Group, Inc. (NYSE:PNC) Stake Lifted by TIAA Trust National Association

TIAA Trust National Association lifted its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.1% in the 1st quarter, HoldingsChannel reports. The firm owned 121,760 shares of the financial services provider’s stock after purchasing an additional 1,312 shares during the quarter. TIAA Trust National Association’s holdings in The PNC Financial Services Group were worth $19,676,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Rockline Wealth Management LLC bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $1,825,000. V Square Quantitative Management LLC grew its stake in shares of The PNC Financial Services Group by 23.3% in the first quarter. V Square Quantitative Management LLC now owns 8,483 shares of the financial services provider’s stock worth $1,371,000 after purchasing an additional 1,604 shares in the last quarter. Trust Point Inc. bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $459,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of The PNC Financial Services Group in the fourth quarter worth $295,000. Finally, Cerity Partners LLC grew its stake in shares of The PNC Financial Services Group by 15.0% in the fourth quarter. Cerity Partners LLC now owns 112,831 shares of the financial services provider’s stock worth $17,472,000 after purchasing an additional 14,750 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Trading Down 0.3 %

Shares of NYSE PNC traded down $0.56 during mid-day trading on Friday, hitting $175.51. 1,601,122 shares of the company traded hands, compared to its average volume of 1,989,651. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $180.97. The stock has a market capitalization of $69.84 billion, a price-to-earnings ratio of 14.74, a PEG ratio of 2.27 and a beta of 1.15. The company has a quick ratio of 0.85, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The business has a 50 day moving average of $158.03 and a two-hundred day moving average of $154.24.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.36 EPS. On average, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 12.95 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be paid a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.65%. The ex-dividend date is Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the sale, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the transaction, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Richard Kevin Bynum sold 850 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the completion of the transaction, the executive vice president now directly owns 3,502 shares in the company, valued at $545,856.74. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,419 shares of company stock valued at $1,022,826. Corporate insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the subject of several research analyst reports. Morgan Stanley cut their price objective on The PNC Financial Services Group from $167.00 to $165.00 and set an “underweight” rating for the company in a report on Wednesday. StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. HSBC upgraded The PNC Financial Services Group from a “reduce” rating to a “hold” rating and upped their price objective for the company from $141.00 to $155.00 in a report on Thursday, March 28th. JPMorgan Chase & Co. cut their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a report on Wednesday, May 1st. Finally, Citigroup upped their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $175.34.

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.