Bank of New York Mellon Corp Sells 39,484 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Bank of New York Mellon Corp trimmed its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,001,250 shares of the financial services provider’s stock after selling 39,484 shares during the period. Bank of New York Mellon Corp owned about 0.75% of The PNC Financial Services Group worth $466,634,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. EFG Asset Management North America Corp. acquired a new stake in shares of The PNC Financial Services Group in the second quarter valued at approximately $1,589,000. Raymond James Trust N.A. boosted its stake in The PNC Financial Services Group by 2.6% in the 2nd quarter. Raymond James Trust N.A. now owns 40,164 shares of the financial services provider’s stock valued at $6,245,000 after purchasing an additional 1,027 shares during the period. Wedgewood Investors Inc. PA bought a new stake in shares of The PNC Financial Services Group in the second quarter valued at about $264,000. AMG National Trust Bank grew its stake in shares of The PNC Financial Services Group by 56.9% in the second quarter. AMG National Trust Bank now owns 10,636 shares of the financial services provider’s stock valued at $1,654,000 after acquiring an additional 3,856 shares in the last quarter. Finally, Independence Bank of Kentucky increased its holdings in shares of The PNC Financial Services Group by 21.1% during the second quarter. Independence Bank of Kentucky now owns 2,805 shares of the financial services provider’s stock worth $436,000 after purchasing an additional 489 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on PNC shares. UBS Group boosted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their price objective on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Royal Bank of Canada lifted their price target on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $177.02.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $171.80, for a total value of $213,375.60. Following the sale, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $171.80, for a total value of $213,375.60. Following the completion of the transaction, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total value of $98,194.79. Following the sale, the chief executive officer now owns 568,323 shares in the company, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. In the last 90 days, insiders sold 22,779 shares of company stock worth $3,971,833. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Trading Up 0.0 %

NYSE PNC traded up $0.01 on Monday, hitting $178.11. The company’s stock had a trading volume of 1,009,658 shares, compared to its average volume of 1,897,089. The firm has a market cap of $70.87 billion, a PE ratio of 14.95, a PEG ratio of 1.92 and a beta of 1.15. The company’s 50-day moving average is $167.38 and its 200 day moving average is $158.34. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $182.84.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the prior year, the business posted $3.36 earnings per share. The PNC Financial Services Group’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

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.