Pinnacle Financial Partners Inc Trims Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Pinnacle Financial Partners Inc lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 75.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,047 shares of the financial services provider’s stock after selling 12,185 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in The PNC Financial Services Group were worth $748,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. ORG Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 203.7% during the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Bank & Trust Co acquired a new stake in The PNC Financial Services Group in the 2nd quarter worth about $26,000. LRI Investments LLC purchased a new stake in The PNC Financial Services Group in the 1st quarter valued at about $28,000. Y.D. More Investments Ltd acquired a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $33,000. Finally, GPS Wealth Strategies Group LLC purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter worth about $38,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $207.96 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 company’s fifty day moving average price is $187.09 and its two-hundred day moving average price is $172.19. The firm has a market capitalization of $82.51 billion, a P/E ratio of 17.58, a P/E/G ratio of 2.21 and a beta of 1.13. The PNC Financial Services Group, Inc. has a 12 month low of $126.41 and a 12 month 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 EPS for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The firm had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $5.39 billion. During the same quarter in the prior year, the business posted $3.60 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.46 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Investors 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 3.08%. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 54.10%.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $186.12, for a total value of $159,877.08. Following the transaction, the director now directly owns 915 shares in the company, valued at approximately $170,299.80. This represents a 48.42 % 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. Corporate insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently commented on PNC. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Keefe, Bruyette & Woods increased their target price on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $204.00 to $215.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Barclays upped their price target on 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. Finally, The Goldman Sachs Group decreased their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $185.71.

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.