Hi Line Capital Management LLC Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Hi Line Capital Management LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 87.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 4,447 shares of the financial services provider’s stock after selling 31,488 shares during the period. The PNC Financial Services Group makes up approximately 0.4% of Hi Line Capital Management LLC’s investment portfolio, making the stock its 26th biggest position. Hi Line Capital Management LLC’s holdings in The PNC Financial Services Group were worth $822,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Bank & Trust Co purchased a new position in The PNC Financial Services Group in the 2nd quarter valued at about $26,000. ORG Partners LLC raised its stake in shares of The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 110 shares in the last quarter. LRI Investments LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $28,000. Palisade Asset Management LLC acquired a new stake in shares of The PNC Financial Services Group in the 1st quarter valued at about $29,000. Finally, Y.D. More Investments Ltd acquired a new stake in shares of The PNC Financial Services Group in the 2nd quarter valued at about $33,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Trading Down 1.0 %

The PNC Financial Services Group stock opened at $188.23 on Friday. The firm has a 50 day simple moving average of $183.75 and a 200-day simple moving average of $169.08. The company has a debt-to-equity ratio of 1.22, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a market capitalization of $74.82 billion, a PE ratio of 15.91, a price-to-earnings-growth ratio of 2.02 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 12-month low of $112.36 and a 12-month high of $196.64.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analysts’ expectations of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period last year, the firm posted $3.60 earnings per share. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.34 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be issued a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 54.10%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Barclays increased their price objective on shares of The PNC Financial Services Group from $209.00 to $229.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price objective on shares of The PNC Financial Services Group from $204.00 to $215.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 16th. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Hold” and an average price target of $185.71.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the sale, the chief executive officer now directly owns 558,427 shares in the company, valued at approximately $94,994,016.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $170.11, for a total value of $211,276.62. Following the completion of the sale, the chief executive officer now owns 558,427 shares in the company, valued at approximately $94,994,016.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the completion of the sale, the director now owns 915 shares of the company’s stock, valued at approximately $170,299.80. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 13,279 shares of company stock worth $2,418,591. Corporate insiders own 0.42% of the company’s stock.

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.