Estabrook Capital Management Cuts Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Estabrook Capital Management lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 76,840 shares of the financial services provider’s stock after selling 697 shares during the quarter. The PNC Financial Services Group makes up about 1.8% of Estabrook Capital Management’s investment portfolio, making the stock its 14th largest position. Estabrook Capital Management’s holdings in The PNC Financial Services Group were worth $11,947,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bank & Trust Co bought a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at about $26,000. ORG Partners LLC boosted its stake in 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 valued at $26,000 after buying an additional 110 shares during the last quarter. LRI Investments LLC purchased a new position in The PNC Financial Services Group during the 1st quarter valued at approximately $28,000. Palisade Asset Management LLC bought a new stake in The PNC Financial Services Group in the 1st quarter worth approximately $29,000. Finally, Core Wealth Advisors Inc. purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter worth approximately $31,000. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the stock in a transaction 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 sale, the chief executive officer now owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 567,041 shares in the company, valued at approximately $89,649,182.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, August 30th. The shares were 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 owns 554,701 shares in the company, valued at approximately $101,604,582.17. The disclosure for this sale can be found here. Insiders sold 24,622 shares of company stock valued at $4,319,914 over the last 90 days. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Down 0.4 %

PNC opened at $186.36 on Friday. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $187.78. The company has a market capitalization of $74.15 billion, a P/E ratio of 15.65, a PEG ratio of 2.00 and a beta of 1.14. The stock’s fifty day moving average is $177.11 and its two-hundred day moving average is $162.96. 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 PNC Financial Services Group (NYSE:PNC) last released 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 return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the previous year, the company posted $3.36 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm 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. The ex-dividend date was Monday, July 15th. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.43%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 53.74%.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, July 17th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. UBS Group boosted their price objective on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Jefferies Financial Group upped their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $176.90.

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.