Convergence Investment Partners LLC Has $1.96 Million Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Convergence Investment Partners LLC cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 26.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,167 shares of the financial services provider's stock after selling 3,962 shares during the period. Convergence Investment Partners LLC's holdings in The PNC Financial Services Group were worth $1,963,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its stake in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 65 shares during the period. Opal Wealth Advisors LLC acquired a new stake in shares of The PNC Financial Services Group during the 1st quarter worth approximately $35,000. REAP Financial Group LLC grew its stake in shares of The PNC Financial Services Group by 67.2% during the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after purchasing an additional 80 shares during the period. Hoey Investments Inc. acquired a new stake in The PNC Financial Services Group in the 4th quarter valued at $39,000. Finally, True Wealth Design LLC grew its stake in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 59 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

PNC has been the topic of a number of research analyst reports. JPMorgan Chase & Co. dropped their price target on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research note on Thursday, April 3rd. Citigroup lifted their price target on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada lowered their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. Finally, Morgan Stanley lifted their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.76.

Insider Buying and Selling

In other news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kieran John Fallon sold 1,492 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,061 shares of company stock valued at $1,199,723 in the last 90 days. Insiders own 0.41% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC traded down $0.20 during trading hours on Friday, reaching $195.95. 1,817,324 shares of the company traded hands, compared to its average volume of 2,434,254. The stock has a fifty day simple moving average of $183.93 and a 200 day simple moving average of $180.38. The stock has a market capitalization of $77.51 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 1.47 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company's revenue was up 4.6% on a year-over-year basis. During the same period last year, the business posted $3.39 EPS. As a group, research analysts predict that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.47%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's payout ratio is currently 46.51%.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.