169,380 The PNC Financial Services Group, Inc $PNC Shares Sold by Equity Investment Corp

Key Points

• Equity Investment Corp cut its PNC stake by 27.5%, selling 169,380 shares in the third quarter; it retained 447,417 shares valued at about $99.4 million.
• PNC reported quarterly EPS of $5.09, beating estimates of $4.91, while revenue of $6.60 billion narrowly missed forecasts; revenue rose 10.9% year over year.
• Analysts hold a “Moderate Buy” consensus on PNC, with an average price target of $266.04; 17 analysts rate it Buy and eight rate it Hold.

Equity Investment Corp decreased its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 27.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 447,417 shares of the financial services provider's stock after selling 169,380 shares during the quarter. Equity Investment Corp owned approximately 0.11% of The PNC Financial Services Group worth $99,443,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Gen Wealth Partners Inc raised its stake in shares of The PNC Financial Services Group by 70.6% in the 3rd quarter. Gen Wealth Partners Inc now owns 1,083 shares of the financial services provider's stock valued at $241,000 after purchasing an additional 448 shares in the last quarter. 71 West Capital Partners lifted its holdings in The PNC Financial Services Group by 5.3% in the third quarter. 71 West Capital Partners now owns 4,554 shares of the financial services provider's stock worth $1,012,000 after acquiring an additional 228 shares during the last quarter. Welch & Forbes LLC acquired a new position in The PNC Financial Services Group during the 3rd quarter valued at approximately $1,969,000. Gryphon Financial Partners LLC boosted its holdings in shares of The PNC Financial Services Group by 22.6% during the third quarter. Gryphon Financial Partners LLC now owns 2,622 shares of the financial services provider's stock valued at $583,000 after acquiring an additional 483 shares during the period. Finally, AlphaCore Capital LLC boosted its holdings in shares of The PNC Financial Services Group by 6.6% during the third quarter. AlphaCore Capital LLC now owns 32,356 shares of the financial services provider's stock valued at $7,191,000 after acquiring an additional 1,990 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on PNC shares. TD Cowen dropped their price objective on shares of The PNC Financial Services Group from $245.00 to $240.00 and set a "hold" rating on the stock in a report on Friday, October 16th. Wells Fargo & Company boosted their target price on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and upped their target price for the stock from $230.00 to $265.00 in a research report on Thursday, July 23rd. Barclays boosted their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, HSBC increased their price objective on The PNC Financial Services Group from $275.00 to $283.00 and gave the stock a "buy" rating in a report on Monday, September 28th. Seventeen research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $266.04.

The PNC Financial Services Group Price Performance

Shares of NYSE PNC opened at $231.06 on Wednesday. The stock has a market cap of $91.68 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.20 and a beta of 0.92. The firm's 50-day simple moving average is $228.20 and its 200 day simple moving average is $229.27. The PNC Financial Services Group, Inc has a fifty-two week low of $177.08 and a fifty-two week high of $258.96. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 1.28.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.91 by $0.18. The firm had revenue of $6.60 billion during the quarter, compared to analyst estimates of $6.61 billion. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The PNC Financial Services Group's revenue was up 10.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.35 EPS. Equities analysts expect that The PNC Financial Services Group, Inc will post 19.24 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio is currently 42.58%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of the stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares in the company, valued at $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company's stock.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc. is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services. PNC's businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

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