Alyeska Investment Group L.P. Cuts Stake in The PNC Financial Services Group, Inc $PNC

Key Points

• Alyeska Investment Group cut its PNC stake by 59.7% in the second quarter, selling 303,355 shares and retaining 204,498 shares valued at approximately $50.4 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported stronger-than-expected quarterly results, with earnings of $4.85 per share and revenue of $6.88 billion, up 21.4% year over year. The company also raised its quarterly dividend from $1.70 to $2.00 per share, producing a 3.3% yield.
• Analysts remain generally positive, with a “Moderate Buy” consensus rating and an average price target of $265.73 versus the stock’s $242.24 opening price. However, Deutsche Bank downgraded the shares to “hold.”

Alyeska Investment Group L.P. lessened its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 59.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 204,498 shares of the financial services provider's stock after selling 303,355 shares during the quarter. Alyeska Investment Group L.P. owned 0.05% of The PNC Financial Services Group worth $50,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PNC. BlackRock Inc. bought a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $7,921,455,000. State Street Corp boosted its holdings in shares of The PNC Financial Services Group by 0.4% during the 4th quarter. State Street Corp now owns 17,319,434 shares of the financial services provider's stock valued at $3,615,085,000 after acquiring an additional 77,302 shares during the last quarter. Capital International Investors raised its holdings in shares of The PNC Financial Services Group by 10.2% during the fourth quarter. Capital International Investors now owns 11,936,742 shares of the financial services provider's stock valued at $2,491,819,000 after purchasing an additional 1,101,055 shares during the last quarter. Norges Bank purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at approximately $1,967,080,000. Finally, Geode Capital Management LLC lifted its position in The PNC Financial Services Group by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 8,861,852 shares of the financial services provider's stock valued at $1,841,387,000 after purchasing an additional 30,078 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at $1,204,750.26. The trade was a 22.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 6,654 shares of company stock worth $1,627,011. Insiders own 0.38% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on PNC shares. Royal Bank Of Canada boosted their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. JPMorgan Chase & Co. upped their price objective on The PNC Financial Services Group from $264.50 to $269.50 and gave the company an "overweight" rating in a research report on Wednesday, July 29th. Citigroup increased their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a "buy" rating in a report on Monday, July 20th. Stephens raised their target price on The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft downgraded The PNC Financial Services Group from a "buy" rating to a "hold" rating and set a $265.00 price target for the company. in a research note on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $265.73.

The PNC Financial Services Group Trading Up 0.0%

The PNC Financial Services Group stock opened at $242.24 on Monday. The firm has a 50 day moving average of $249.40 and a 200 day moving average of $229.53. The firm has a market capitalization of $96.64 billion, a price-to-earnings ratio of 13.33, a P/E/G ratio of 0.96 and a beta of 0.91. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share for the quarter, topping analysts' consensus estimates of $4.46 by $0.39. The PNC Financial Services Group had a net margin of 21.41% and a return on equity of 12.48%. The business had revenue of $6.88 billion during the quarter, compared to analyst estimates of $6.51 billion. During the same period in the prior year, the business posted $3.85 earnings per share. The company's revenue was up 21.4% on a year-over-year basis. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 19.25 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.3%. The PNC Financial Services Group's dividend payout ratio is 44.03%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC's core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The PNC Financial Services Group, Inc (NYSE:PNC - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source