Gofen & Glossberg LLC IL Trims Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Gofen & Glossberg LLC IL cut its holdings in The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 1.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,437 shares of the financial services provider’s stock after selling 157 shares during the quarter. Gofen & Glossberg LLC IL’s holdings in The PNC Financial Services Group were worth $2,435,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PNC. Hilltop Holdings Inc. grew its position in The PNC Financial Services Group by 3.6% during the 4th quarter. Hilltop Holdings Inc. now owns 2,005 shares of the financial services provider’s stock valued at $402,000 after purchasing an additional 69 shares during the last quarter. Gotham Asset Management LLC lifted its stake in shares of The PNC Financial Services Group by 22.5% in the 4th quarter. Gotham Asset Management LLC now owns 11,881 shares of the financial services provider’s stock worth $2,382,000 after purchasing an additional 2,179 shares during the period. Rockefeller Capital Management L.P. raised its stake in The PNC Financial Services Group by 30.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 38,659 shares of the financial services provider’s stock worth $7,751,000 after acquiring an additional 9,112 shares during the period. Mutual Advisors LLC raised its stake in The PNC Financial Services Group by 13.0% during the 4th quarter. Mutual Advisors LLC now owns 2,195 shares of the financial services provider’s stock worth $440,000 after acquiring an additional 252 shares during the period. Finally, Blair William & Co. IL raised its stake in The PNC Financial Services Group by 19.6% during the 4th quarter. Blair William & Co. IL now owns 16,908 shares of the financial services provider’s stock worth $3,390,000 after acquiring an additional 2,773 shares during the period. 81.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Barclays decreased their target price on shares of The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a research note on Monday, July 18th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of The PNC Financial Services Group from $215.00 to $200.00 and set a “hold” rating on the stock in a research note on Monday, September 12th. Morgan Stanley increased their price objective on shares of The PNC Financial Services Group from $168.00 to $180.00 in a report on Monday, July 18th. Raymond James lowered shares of The PNC Financial Services Group from an “outperform” rating to a “market perform” rating in a report on Thursday, July 7th. Finally, Wells Fargo & Company cut their price objective on shares of The PNC Financial Services Group from $227.00 to $202.00 and set an “overweight” rating for the company in a report on Friday, July 1st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $197.78.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael P. Lyons sold 3,500 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $166.96, for a total value of $584,360.00. Following the completion of the sale, the executive vice president now owns 174,651 shares of the company’s stock, valued at $29,159,730.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.34% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE PNC opened at $154.67 on Friday. The stock has a market capitalization of $63.43 billion, a price-to-earnings ratio of 12.10, a PEG ratio of 2.37 and a beta of 1.21. The PNC Financial Services Group, Inc. has a twelve month low of $146.39 and a twelve month high of $228.14. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 0.75. The stock has a 50-day moving average of $163.92 and a 200 day moving average of $168.71.

The PNC Financial Services Group (NYSE:PNCGet Rating) last released its quarterly earnings results on Friday, July 15th. The financial services provider reported $3.42 earnings per share for the quarter, topping analysts’ consensus estimates of $3.11 by $0.31. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The company had revenue of $5.12 billion during the quarter, compared to analysts’ expectations of $5.13 billion. During the same quarter in the prior year, the firm posted $4.50 EPS. The PNC Financial Services Group’s quarterly revenue was up 9.6% compared to the same quarter last year. Sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 14.5 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 5th. Investors of record on Wednesday, July 13th were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, July 12th. This represents a $6.00 annualized dividend and a dividend yield of 3.88%. The PNC Financial Services Group’s dividend payout ratio is presently 46.95%.

The PNC Financial Services Group Profile

(Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of 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.

See Also

Institutional Ownership by Quarter for The PNC Financial Services Group (NYSE:PNC)

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