Summit Trail Advisors LLC Cuts Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Summit Trail Advisors LLC lessened its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.5% during the fourth quarter, Holdings Channel reports. The fund owned 2,130 shares of the financial services provider’s stock after selling 172 shares during the period. Summit Trail Advisors LLC’s holdings in The PNC Financial Services Group were worth $330,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Steph & Co. grew its holdings in shares of The PNC Financial Services Group by 1.8% in the fourth quarter. Steph & Co. now owns 3,720 shares of the financial services provider’s stock worth $576,000 after acquiring an additional 67 shares during the period. Bangor Savings Bank increased its position in shares of The PNC Financial Services Group by 1.2% during the 4th quarter. Bangor Savings Bank now owns 5,737 shares of the financial services provider’s stock valued at $888,000 after purchasing an additional 69 shares during the last quarter. Oakworth Capital Inc. lifted its stake in shares of The PNC Financial Services Group by 11.7% in the 4th quarter. Oakworth Capital Inc. now owns 715 shares of the financial services provider’s stock worth $111,000 after purchasing an additional 75 shares during the period. Caprock Group LLC boosted its holdings in shares of The PNC Financial Services Group by 0.9% in the fourth quarter. Caprock Group LLC now owns 8,574 shares of the financial services provider’s stock worth $1,328,000 after buying an additional 79 shares during the last quarter. Finally, Legacy Advisors LLC grew its position in The PNC Financial Services Group by 0.8% during the third quarter. Legacy Advisors LLC now owns 10,902 shares of the financial services provider’s stock valued at $1,338,000 after buying an additional 84 shares during the period. Institutional investors own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Wells Fargo & Company lifted their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research report on Thursday, March 28th. JPMorgan Chase & Co. cut their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating for the company in a research note on Wednesday, May 1st. Morgan Stanley raised their target price on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research note on Tuesday, January 30th. HSBC upgraded shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their price objective for the company from $141.00 to $155.00 in a research report on Thursday, March 28th. Finally, Evercore ISI cut their price target on The PNC Financial Services Group from $184.00 to $175.00 and set an “outperform” rating for the company in a research note on Wednesday, April 17th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $157.02.

Insider Buying and Selling

In other news, EVP Michael J. Hannon sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $148.82, for a total transaction of $446,460.00. Following the transaction, the executive vice president now owns 36,570 shares of the company’s stock, valued at $5,442,347.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.42% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Down 0.2 %

Shares of NYSE PNC opened at $156.15 on Wednesday. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $162.24. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day moving average is $154.02 and its two-hundred day moving average is $145.39. The stock has a market capitalization of $62.12 billion, a P/E ratio of 13.11, a PEG ratio of 1.77 and a beta of 1.16.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period last year, the company earned $3.98 earnings per share. The PNC Financial Services Group’s revenue was down 8.2% on a year-over-year basis. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 12.64 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Sunday, May 5th. Investors of record on Monday, April 15th were issued a dividend of $1.55 per share. The ex-dividend date was Friday, April 12th. This represents a $6.20 annualized dividend and a yield of 3.97%. The PNC Financial Services Group’s payout ratio is 52.06%.

The PNC Financial Services Group 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.