Northeast Financial Group Inc. Decreases Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Northeast Financial Group Inc. cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 11.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,763 shares of the financial services provider’s stock after selling 231 shares during the quarter. Northeast Financial Group Inc.’s holdings in The PNC Financial Services Group were worth $326,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC raised its stake in shares of The PNC Financial Services Group by 45.6% in the third quarter. Concurrent Investment Advisors LLC now owns 6,413 shares of the financial services provider’s stock worth $1,185,000 after purchasing an additional 2,009 shares during the last quarter. BSN CAPITAL PARTNERS Ltd purchased a new position in shares of The PNC Financial Services Group in the third quarter worth about $12,548,000. Bleakley Financial Group LLC raised its stake in shares of The PNC Financial Services Group by 9.0% in the third quarter. Bleakley Financial Group LLC now owns 15,758 shares of the financial services provider’s stock worth $2,913,000 after purchasing an additional 1,299 shares during the last quarter. Deerfield Management Company L.P. Series C purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $822,000. Finally, Manning & Napier Advisors LLC purchased a new position in shares of The PNC Financial Services Group in the second quarter worth about $18,159,000. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In related news, Director Andrew T. Feldstein sold 14,509 shares of The PNC Financial Services Group stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the transaction, the director now owns 38,649 shares in the company, valued at approximately $8,119,768.41. This trade represents a 27.29 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total value of $227,497.14. Following the transaction, the chief executive officer now owns 554,701 shares in the company, valued at approximately $101,604,582.17. The trade was a 0.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,546 shares of company stock valued at $5,277,493 over the last ninety days. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on PNC. The Goldman Sachs Group reduced their price target on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Evercore ISI lifted their price target on The PNC Financial Services Group from $212.00 to $225.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their price target on The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday. Barclays lifted their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a research report on Wednesday, October 16th. Finally, Morgan Stanley lifted their price target on The PNC Financial Services Group from $177.00 to $180.00 and gave the company an “underweight” rating in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, The PNC Financial Services Group has an average rating of “Hold” and an average target price of $186.96.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC opened at $207.68 on Friday. 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 business’s 50 day moving average price is $188.25 and its 200-day moving average price is $172.80. The firm has a market capitalization of $82.40 billion, a PE ratio of 17.56, a P/E/G ratio of 2.21 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 1 year low of $127.08 and a 1 year high of $214.19.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business’s revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.60 earnings per share. As a group, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.46 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.08%. The ex-dividend date was Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 54.10%.

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.