BI Asset Management Fondsmaeglerselskab A S Sells 23,999 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• BI Asset Management reduced its stake in PNC by 28.6% in the first quarter, selling 23,999 shares and leaving it with 59,969 shares valued at about $12.48 million.
• Several PNC insiders sold shares recently, including Director Andrew T. Feldstein and EVP Stephanie Novosel; insiders have sold a total of 48,300 shares worth about $10.7 million over the last 90 days.
• PNC reported strong quarterly earnings of $4.32 per share, beating estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $246.72.

BI Asset Management Fondsmaeglerselskab A S decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 28.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 59,969 shares of the financial services provider's stock after selling 23,999 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in The PNC Financial Services Group were worth $12,479,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Monetary Solutions Ltd acquired a new position in The PNC Financial Services Group during the 4th quarter worth $25,000. Quarry LP acquired a new position in shares of The PNC Financial Services Group during the 3rd quarter worth about $25,000. Modus Advisors LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Kemnay Advisory Services Inc. bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $32,000. Finally, EFG International AG acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at approximately $33,000. 83.53% of the stock is owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, Director Andrew T. Feldstein sold 45,000 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $220.57, for a total value of $9,925,650.00. Following the sale, the director directly owned 10,749 shares in the company, valued at $2,370,906.93. This represents a 80.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the transaction, the executive vice president owned 3,107 shares of the company's stock, valued at $710,664.11. This represents a 36.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 48,300 shares of company stock valued at $10,694,574 in the last 90 days. 0.38% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PNC has been the subject of several research reports. Citigroup increased their price objective on The PNC Financial Services Group from $245.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, May 8th. Oppenheimer boosted their target price on shares of The PNC Financial Services Group from $263.00 to $268.00 and gave the stock an "outperform" rating in a research report on Thursday, April 16th. Royal Bank Of Canada reiterated an "outperform" rating and set a $235.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 15th. Jefferies Financial Group began coverage on shares of The PNC Financial Services Group in a report on Thursday, March 26th. They issued a "buy" rating and a $250.00 price target for the company. Finally, Stephens started coverage on shares of The PNC Financial Services Group in a research report on Monday, June 15th. They issued an "overweight" rating and a $265.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $246.72.

The PNC Financial Services Group Stock Up 0.1%

Shares of PNC stock opened at $232.39 on Monday. The stock has a market cap of $93.32 billion, a P/E ratio of 13.50, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The PNC Financial Services Group, Inc has a one year low of $176.16 and a one year high of $243.94. The stock has a fifty day moving average price of $222.68 and a 200 day moving average price of $217.72. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.83 and a quick ratio of 0.82.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share for the quarter, beating analysts' consensus estimates of $3.92 by $0.40. The PNC Financial Services Group had a net margin of 20.89% and a return on equity of 12.10%. The business had revenue of $6.17 billion for the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the previous year, the firm posted $3.51 earnings per share. The firm's revenue for the quarter was up 13.1% on a year-over-year basis. Analysts predict that The PNC Financial Services Group, Inc will post 18.81 earnings per share for the current year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Investors of record on Tuesday, April 14th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, April 14th. This represents a $6.80 annualized dividend and a yield of 2.9%. The PNC Financial Services Group's payout ratio is currently 39.51%.

About The PNC Financial Services Group

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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