Bank of Montreal Can Sells 82,463 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Bank of Montreal Can trimmed its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 997,786 shares of the financial services provider’s stock after selling 82,463 shares during the quarter. Bank of Montreal Can’s holdings in The PNC Financial Services Group were worth $182,665,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Trust Co. NA grew its position in The PNC Financial Services Group by 3.6% during the 3rd quarter. Private Trust Co. NA now owns 9,944 shares of the financial services provider’s stock valued at $1,838,000 after purchasing an additional 341 shares during the last quarter. Loomis Sayles & Co. L P grew its holdings in shares of The PNC Financial Services Group by 8.7% during the third quarter. Loomis Sayles & Co. L P now owns 624 shares of the financial services provider’s stock valued at $115,000 after buying an additional 50 shares during the last quarter. Independent Advisor Alliance increased its position in shares of The PNC Financial Services Group by 2.9% during the third quarter. Independent Advisor Alliance now owns 15,955 shares of the financial services provider’s stock valued at $2,949,000 after acquiring an additional 454 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in The PNC Financial Services Group in the 3rd quarter worth approximately $171,000. Finally, Daiwa Securities Group Inc. lifted its position in The PNC Financial Services Group by 11.8% in the 3rd quarter. Daiwa Securities Group Inc. now owns 48,511 shares of the financial services provider’s stock valued at $8,967,000 after acquiring an additional 5,135 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

PNC has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on The PNC Financial Services Group from $177.00 to $180.00 and gave the stock an “underweight” rating in a report on Wednesday, October 16th. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Citigroup upped their target price on shares of The PNC Financial Services Group from $200.00 to $235.00 and gave the company a “buy” rating in a research note on Monday. Evercore ISI lifted their price target on shares of The PNC Financial Services Group from $212.00 to $225.00 and gave the stock an “outperform” 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 company from $185.00 to $200.00 in a research report on Thursday, August 15th. Two 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.com, the stock has a consensus rating of “Hold” and an average price target of $189.15.

Insider Activity

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s 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 completion of the transaction, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. This represents a 0.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Martin Pfinsgraff sold 859 shares of The PNC Financial Services Group 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 sale, the director now owns 915 shares in the company, valued at approximately $170,299.80. The trade was a 48.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,788 shares of company stock worth $5,573,027 in the last three months. Company insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $212.39 on Tuesday. The business’s fifty day moving average is $191.64 and its 200 day moving average is $175.22. The PNC Financial Services Group, Inc. has a fifty-two week low of $127.49 and a fifty-two week high of $214.64. The company has a debt-to-equity ratio of 1.22, a quick ratio of 0.81 and a current ratio of 0.81. The company has a market capitalization of $84.27 billion, a PE ratio of 17.95, a price-to-earnings-growth ratio of 2.20 and a beta of 1.13.

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 for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The firm had revenue of $5.43 billion for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.60 EPS. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.45 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Wednesday, October 16th were paid a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.01%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

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.