12,847 The PNC Financial Services Group, Inc $PNC Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors cut its PNC position by 65.7% in the third quarter, selling 12,847 shares and retaining 6,700 shares valued at approximately $1.49 million. Institutional investors collectively own 83.53% of PNC.
• Analyst sentiment remains positive but mixed, with PNC carrying a “Moderate Buy” consensus rating and an average price target of $266.04. Recent targets ranged from $250 to $280.
• PNC reported quarterly EPS of $5.09, exceeding estimates of $4.91, while revenue reached $6.60 billion, up 10.9% year over year. The company also announced a quarterly dividend of $2.00 per share, representing a 3.5% yield.

Hennessy Advisors Inc. trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 65.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,700 shares of the financial services provider's stock after selling 12,847 shares during the period. Hennessy Advisors Inc.'s holdings in The PNC Financial Services Group were worth $1,489,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Trust Asset Management LLC raised its stake in shares of The PNC Financial Services Group by 1.0% during the 2nd quarter. Trust Asset Management LLC now owns 4,457 shares of the financial services provider's stock worth $1,097,000 after purchasing an additional 43 shares in the last quarter. Everett Harris & Co. CA grew its stake in shares of The PNC Financial Services Group by 3.3% in the 3rd quarter. Everett Harris & Co. CA now owns 1,535 shares of the financial services provider's stock valued at $341,000 after buying an additional 49 shares in the last quarter. United Community Bank grew its stake in shares of The PNC Financial Services Group by 0.8% in the 2nd quarter. United Community Bank now owns 6,523 shares of the financial services provider's stock valued at $1,606,000 after buying an additional 50 shares in the last quarter. Relyea Zuckerberg Hanson LLC grew its stake in shares of The PNC Financial Services Group by 3.2% in the 1st quarter. Relyea Zuckerberg Hanson LLC now owns 1,647 shares of the financial services provider's stock valued at $343,000 after buying an additional 51 shares in the last quarter. Finally, Klingman & Associates LLC increased its holdings in The PNC Financial Services Group by 4.9% in the first quarter. Klingman & Associates LLC now owns 1,085 shares of the financial services provider's stock worth $226,000 after buying an additional 51 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $255.84, for a total transaction of $858,087.36. Following the completion of the sale, the executive vice president owned 18,800 shares in the company, valued at $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

PNC has been the topic of several recent research reports. Morgan Stanley cut their price objective on shares of The PNC Financial Services Group from $278.00 to $273.00 and set an "equal weight" rating on the stock in a research report on Friday, October 16th. Argus boosted their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Wolfe Research assumed coverage on shares of The PNC Financial Services Group in a research note on Tuesday, October 27th. They set a "peer perform" rating on the stock. Raymond James Financial cut their price target on shares of The PNC Financial Services Group from $275.00 to $255.00 and set an "outperform" rating on the stock in a report on Friday, October 16th. Finally, The Goldman Sachs Group reduced their price objective on shares of The PNC Financial Services Group from $281.00 to $250.00 and set a "neutral" rating for the company in a research note on Monday, October 5th. Seventeen analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $266.04.

The PNC Financial Services Group Price Performance

NYSE PNC opened at $231.74 on Tuesday. The PNC Financial Services Group, Inc has a 1 year low of $177.08 and a 1 year high of $258.96. The company has a fifty day simple moving average of $229.81 and a 200 day simple moving average of $228.98. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23. The company has a market cap of $92.45 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.18 and a beta of 0.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, topping the consensus estimate of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter last year, the firm posted $4.35 EPS. The business's quarterly revenue was up 10.9% on a year-over-year basis. On average, sell-side analysts predict that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Investors of record on Wednesday, October 14th will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group's payout ratio is currently 42.58%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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