Axxcess Wealth Management LLC Reduces Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Axxcess Wealth Management LLC lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 17,860 shares of the financial services provider’s stock after selling 900 shares during the quarter. Axxcess Wealth Management LLC’s holdings in The PNC Financial Services Group were worth $2,777,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Capital International Investors increased its position in shares of The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares during the last quarter. Capital Research Global Investors grew its position in The PNC Financial Services Group by 19.5% during the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after buying an additional 778,264 shares during the period. Public Employees Retirement Association of Colorado increased its holdings in The PNC Financial Services Group by 4,040.9% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock valued at $62,878,000 after buying an additional 396,252 shares during the last quarter. Jennison Associates LLC raised its position in The PNC Financial Services Group by 38.4% in the first quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock worth $169,891,000 after acquiring an additional 291,769 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of The PNC Financial Services Group by 448.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 269,206 shares of the financial services provider’s stock worth $41,856,000 after acquiring an additional 220,110 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at approximately $86,900,760.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold 25,263 shares of company stock valued at $4,418,109 in the last ninety days. Corporate insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PNC shares. Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. UBS Group raised their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Wells Fargo & Company boosted their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Finally, The Goldman Sachs Group decreased their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $176.90.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $181.49 on Wednesday. The firm has a market cap of $72.22 billion, a price-to-earnings ratio of 15.24, a P/E/G ratio of 1.97 and a beta of 1.14. The firm has a fifty day moving average price of $176.01 and a 200 day moving average price of $162.36. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $185.84. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same quarter in the prior year, the firm earned $3.36 EPS. The business’s revenue was up 2.2% on a year-over-year basis. As a group, sell-side 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 company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a $1.60 dividend. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 dividend on an annualized basis and a yield of 3.53%. The PNC Financial Services Group’s payout ratio is presently 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.