Carnegie Investment Counsel Sells 2,304 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Carnegie Investment Counsel trimmed its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 28.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,886 shares of the financial services provider’s stock after selling 2,304 shares during the period. Carnegie Investment Counsel’s holdings in The PNC Financial Services Group were worth $1,088,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PNC. Valley Brook Capital Group Inc. boosted its position in The PNC Financial Services Group by 0.6% in the 2nd quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock valued at $1,648,000 after buying an additional 62 shares during the last quarter. Kowal Investment Group LLC grew its stake in shares of The PNC Financial Services Group by 2.6% during the second quarter. Kowal Investment Group LLC now owns 2,644 shares of the financial services provider’s stock worth $411,000 after purchasing an additional 68 shares during the period. Ranch Capital Advisors Inc. grew its position in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 7,137 shares of the financial services provider’s stock worth $1,110,000 after buying an additional 69 shares during the period. Triangle Securities Wealth Management increased its stake in The PNC Financial Services Group by 1.8% in the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after purchasing an additional 70 shares in the last quarter. Finally, Cooper Financial Group increased its position in shares of The PNC Financial Services Group by 1.7% in the 1st quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock valued at $685,000 after buying an additional 70 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PNC. Evercore ISI boosted their target price on The PNC Financial Services Group from $203.00 to $212.00 and gave the company an “outperform” rating in a research note on Wednesday, October 2nd. Jefferies Financial Group raised their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Citigroup upped their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. UBS Group raised their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 30th. Two research 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $177.65.

The PNC Financial Services Group Trading Up 0.5 %

The PNC Financial Services Group stock opened at $188.74 on Tuesday. 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 stock has a market capitalization of $75.10 billion, a P/E ratio of 15.85, a PEG ratio of 2.01 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $189.69. The stock has a 50-day simple moving average of $179.14 and a 200 day simple moving average of $166.39.

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 (EPS) for the quarter, beating analysts’ consensus estimates 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 net margin of 15.53% and a return on equity of 11.33%. The business’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.36 EPS. Analysts expect that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the president now owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Michael P. Lyons sold 11,000 shares of the company’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 value of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $180.48, for a total transaction of $224,156.16. Following the sale, the chief executive officer now owns 560,911 shares of the company’s stock, valued at $101,233,217.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,420 shares of company stock valued at $4,212,785. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group 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.