Sompo Asset Management Co. Ltd. Cuts Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sompo Asset Management Co. Ltd. cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,820 shares of the financial services provider’s stock after selling 400 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in The PNC Financial Services Group were worth $438,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Summit Trail Advisors LLC boosted its stake in The PNC Financial Services Group by 3.8% in the second quarter. Summit Trail Advisors LLC now owns 2,384 shares of the financial services provider’s stock valued at $371,000 after acquiring an additional 87 shares during the last quarter. Chesapeake Wealth Management purchased a new position in The PNC Financial Services Group in the second quarter valued at about $209,000. Ameritas Investment Partners Inc. boosted its stake in The PNC Financial Services Group by 0.6% in the second quarter. Ameritas Investment Partners Inc. now owns 21,896 shares of the financial services provider’s stock valued at $3,404,000 after acquiring an additional 127 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in The PNC Financial Services Group by 8.2% in the second quarter. Thrivent Financial for Lutherans now owns 32,910 shares of the financial services provider’s stock valued at $5,118,000 after acquiring an additional 2,508 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in The PNC Financial Services Group by 7.5% in the second quarter. Sei Investments Co. now owns 372,791 shares of the financial services provider’s stock valued at $57,961,000 after acquiring an additional 25,868 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have weighed in on PNC shares. Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. 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 research note on Wednesday, July 17th. Barclays upped their price target on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their price target for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $176.90.

Insider Activity

In related news, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction 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 sale, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William S. Demchak sold 2,404 shares of the stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total transaction of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at $90,341,920. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at $36,151,670.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 24,622 shares of company stock valued at $4,319,914. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $186.36 on Friday. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $187.78. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The stock has a market cap of $74.08 billion, a P/E ratio of 15.65, a PEG ratio of 2.00 and a beta of 1.14. The business’s 50-day moving average price is $177.11 and its two-hundred day moving average price is $162.96.

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 for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same quarter last year, the company posted $3.36 EPS. The business’s quarterly revenue was up 2.2% on a year-over-year basis. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

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.