The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Kayne Anderson Rudnick Investment Management LLC

Kayne Anderson Rudnick Investment Management LLC decreased its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 237,467 shares of the financial services provider’s stock after selling 4,864 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned 0.06% of The PNC Financial Services Group worth $36,921,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of PNC. ORG Partners LLC lifted its stake in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 110 shares during the period. Bank & Trust Co acquired a new position in The PNC Financial Services Group during the second quarter valued at $26,000. LRI Investments LLC purchased a new stake in The PNC Financial Services Group in the first quarter valued at $28,000. Palisade Asset Management LLC acquired a new stake in The PNC Financial Services Group during the 1st quarter worth about $29,000. Finally, Fortis Group Advisors LLC raised its stake in shares of The PNC Financial Services Group by 100.0% during the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock valued at $31,000 after buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on PNC shares. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and upped their target price for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. Evercore ISI upped their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their target price on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a report on Wednesday, July 17th. The Goldman Sachs Group lowered their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Finally, Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $176.90.

The PNC Financial Services Group Stock Down 0.4 %

Shares of PNC opened at $186.36 on Friday. The stock has a 50 day moving average price of $177.11 and a 200 day moving average price of $162.96. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The stock has a market capitalization of $74.08 billion, a price-to-earnings ratio of 15.65, a PEG ratio of 2.00 and a beta of 1.14. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $187.78.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $3.36 earnings per share. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

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

Insider Activity

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $158.10, for a total transaction of $101,342.10. Following the transaction, the chief executive officer now owns 567,041 shares in the company, valued at $89,649,182.10. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $158.10, for a total value of $101,342.10. Following the completion of the sale, the chief executive officer now directly owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $167.50, for a total transaction of $208,035.00. Following the transaction, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The disclosure for this sale can be found here. Insiders sold 24,622 shares of company stock worth $4,319,914 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

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.