Argent Advisors Inc. Reduces Stock Position in The PNC Financial Services Group, Inc $PNC

Key Points

• Argent Advisors Inc. cut its stake in PNC by 79% in the first quarter, leaving it with 2,089 shares valued at about $435,000.
• Several other institutional investors also adjusted their PNC holdings, and overall 83.53% of the stock is owned by institutions and hedge funds.
• PNC reported strong quarterly results, posting $4.32 EPS versus the $3.92 estimate and 13.1% revenue growth year over year, while analysts remain broadly positive with a Moderate Buy consensus.

Argent Advisors Inc. trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 79.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,089 shares of the financial services provider's stock after selling 7,839 shares during the period. Argent Advisors Inc.'s holdings in The PNC Financial Services Group were worth $435,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PNC. Financial Life Planners purchased a new position in shares of The PNC Financial Services Group during the first quarter valued at approximately $31,000. USS Investment Management Ltd increased its stake in The PNC Financial Services Group by 2.0% in the first quarter. USS Investment Management Ltd now owns 65,301 shares of the financial services provider's stock valued at $13,585,000 after purchasing an additional 1,277 shares during the last quarter. IFM Investors Pty Ltd lifted its position in The PNC Financial Services Group by 11.7% during the first quarter. IFM Investors Pty Ltd now owns 93,371 shares of the financial services provider's stock worth $19,430,000 after buying an additional 9,787 shares during the period. Severin Investments LLC boosted its stake in The PNC Financial Services Group by 2.7% in the 1st quarter. Severin Investments LLC now owns 4,840 shares of the financial services provider's stock worth $1,007,000 after buying an additional 126 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter worth about $349,000. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael Duane Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the completion of the sale, the executive vice president directly owned 5,059 shares of the company's stock, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Stephanie Novosel sold 1,800 shares of The PNC Financial Services Group stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total transaction of $411,714.00. Following the sale, the executive vice president directly owned 3,107 shares in the company, valued at $710,664.11. This trade represents a 36.68% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 48,300 shares of company stock worth $10,694,574. 0.38% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Citigroup upped their price objective on shares of The PNC Financial Services Group from $255.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a report on Monday. Barclays upped their price target on shares of The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of The PNC Financial Services Group in a research note on Friday, March 27th. Finally, Bank of America lifted their price target on shares of The PNC Financial Services Group from $260.00 to $264.00 and gave the company a "buy" rating in a report on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $252.71.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $251.70 on Thursday. The firm's fifty day simple moving average is $225.99 and its 200 day simple moving average is $220.15. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a twelve month low of $176.88 and a twelve month high of $252.73. The firm has a market capitalization of $101.08 billion, a price-to-earnings ratio of 14.63, a PEG ratio of 1.01 and a beta of 0.90.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.92 by $0.40. The firm had revenue of $6.17 billion during the quarter, compared to the consensus estimate of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The firm's quarterly revenue was up 13.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.51 EPS. As a group, equities research analysts expect that The PNC Financial Services Group, Inc will post 18.82 earnings per share for the current fiscal year.

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.

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