Cullen Frost Bankers Inc. Sells 4,192 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Cullen Frost Bankers Inc. reduced its stake in The PNC Financial Services Group by 43.1%, selling 4,192 shares during the second quarter, now holding a total of 5,533 shares valued at approximately $1,032,000.
• The PNC Financial Services Group's recent earnings report beat consensus estimates, posting $4.35 per share and revenue of $5.92 billion, which is an 8.9% year-over-year increase.
• Despite the sale of shares by Cullen Frost, The PNC Financial Services Group remains popular among institutional investors, with 83.53% of its stock owned by them.

Cullen Frost Bankers Inc. cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 43.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,533 shares of the financial services provider's stock after selling 4,192 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in The PNC Financial Services Group were worth $1,032,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock valued at $6,673,217,000 after acquiring an additional 248,252 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of The PNC Financial Services Group by 26.1% in the first quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock worth $1,670,249,000 after buying an additional 1,964,157 shares in the last quarter. Ameriprise Financial Inc. lifted its position in shares of The PNC Financial Services Group by 0.5% in the first quarter. Ameriprise Financial Inc. now owns 4,807,684 shares of the financial services provider's stock worth $844,967,000 after buying an additional 24,588 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of The PNC Financial Services Group by 4.8% in the first quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock worth $713,063,000 after buying an additional 186,249 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of The PNC Financial Services Group by 41.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock worth $495,336,000 after buying an additional 830,440 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on PNC shares. Oppenheimer reiterated an "outperform" rating and issued a $240.00 target price (up from $235.00) on shares of The PNC Financial Services Group in a research report on Thursday, October 16th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their target price for the stock from $185.00 to $212.00 in a research report on Wednesday, July 9th. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Morgan Stanley boosted their target price on The PNC Financial Services Group from $186.00 to $206.00 and gave the stock an "underweight" rating in a research report on Monday, September 29th. Finally, Stephens reiterated an "equal weight" rating and issued a $200.00 target price on shares of The PNC Financial Services Group in a research report on Wednesday, September 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $218.47.

The PNC Financial Services Group Trading Up 0.4%

Shares of NYSE PNC opened at $181.91 on Friday. The business's 50 day moving average is $197.28 and its two-hundred day moving average is $184.38. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.81 and a quick ratio of 0.81. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The stock has a market capitalization of $71.64 billion, a P/E ratio of 11.75, a PEG ratio of 1.26 and a beta of 1.10.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 earnings per share for the quarter, topping the consensus estimate of $4.05 by $0.30. The PNC Financial Services Group had a return on equity of 11.47% and a net margin of 19.30%.The company had revenue of $5.92 billion for the quarter, compared to analysts' expectations of $5.82 billion. During the same period in the previous year, the firm posted $3.49 earnings per share. The firm's revenue for the quarter was up 8.9% on a year-over-year basis. As a group, research analysts expect that The PNC Financial Services Group, Inc will post 15.37 EPS for the current year.

The PNC Financial Services Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 5th. Stockholders of record on Tuesday, October 14th will be paid a dividend of $1.70 per share. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.7%. The PNC Financial Services Group's dividend payout ratio is currently 43.93%.

The PNC Financial Services Group Company 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.

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