Dai ichi Life Insurance Company Ltd Trims Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Dai ichi Life Insurance Company Ltd cut its holdings in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,463 shares of the financial services provider’s stock after selling 2,939 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in The PNC Financial Services Group were worth $5,358,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in PNC. Bank & Trust Co acquired a new position in The PNC Financial Services Group during the 2nd quarter worth $26,000. ORG Partners LLC increased its holdings in The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC bought a new stake in The PNC Financial Services Group in the first quarter valued at about $28,000. Palisade Asset Management LLC acquired a new stake in The PNC Financial Services Group during the first quarter valued at approximately $29,000. Finally, Core Wealth Advisors Inc. bought a new position in The PNC Financial Services Group during the 4th quarter worth approximately $31,000. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $177.24 on Friday. The company’s fifty day moving average is $175.16 and its two-hundred day moving average is $161.77. The company has a market cap of $70.45 billion, a P/E ratio of 14.88, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-month high of $185.84. 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 (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. Equities analysts expect 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 business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.61%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on PNC. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Barclays upped their target price on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Jefferies Financial Group boosted their price objective on 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 increased their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Finally, Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and a consensus price target of $176.90.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at approximately $101,604,582.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total transaction of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,263 shares of company stock valued at $4,418,109. 0.42% of the stock is owned by insiders.

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.