The PNC Financial Services Group, Inc. (NYSE:PNC) Stock Position Lessened by Gabelli Funds LLC

Gabelli Funds LLC reduced its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 13.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 161,900 shares of the financial services provider’s stock after selling 25,500 shares during the quarter. Gabelli Funds LLC’s holdings in The PNC Financial Services Group were worth $25,172,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Capital International Investors raised its position in shares of The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after buying an additional 1,978,854 shares in the last quarter. Capital Research Global Investors raised its holdings in The PNC Financial Services Group by 19.5% during the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after purchasing an additional 778,264 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in The PNC Financial Services Group by 4,040.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock worth $62,878,000 after purchasing an additional 396,252 shares during the period. Jennison Associates LLC boosted its stake in The PNC Financial Services Group by 38.4% during the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after purchasing an additional 291,769 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of The PNC Financial Services Group by 24.1% during the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after purchasing an additional 262,654 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Price Performance

PNC opened at $186.36 on Monday. The PNC Financial Services Group, Inc. has a 12-month low of $109.40 and a 12-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 firm 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 has a fifty day moving average of $177.11 and a 200-day moving average of $163.04.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $5.40 billion. During the same period last year, the company posted $3.36 EPS. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. Equities analysts forecast 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. Investors of record on Monday, July 15th were given a dividend of $1.60 per share. The ex-dividend date of this dividend 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 yield of 3.43%. The PNC Financial Services Group’s payout ratio is presently 53.74%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the stock in a transaction that occurred on Friday, July 5th. The shares were 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 owns 567,041 shares in the company, valued at approximately $89,649,182.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO William S. Demchak sold 641 shares of the 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 completion of the sale, the chief executive officer now owns 567,041 shares in the company, valued at approximately $89,649,182.10. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the business’s 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 transaction, the chief executive officer now owns 554,701 shares in the company, valued at $101,604,582.17. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,622 shares of company stock valued at $4,319,914. Corporate insiders own 0.42% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PNC. Evercore ISI upped their price objective on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a report on Wednesday, July 17th. Barclays raised their price objective on shares of The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Citigroup increased their target price 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. Finally, Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Two research 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’s stock. According to MarketBeat.com, The PNC Financial Services Group presently has a consensus 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.