Davis Selected Advisers Cuts Stock Position in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Davis Selected Advisers reduced its stake in The PNC Financial Services Group by 1.2% in the 1st quarter, selling 5,821 shares and now holds approximately 0.13% of the company valued at $87.15 million.
• Several other institutional investors have increased their positions, with ownership by institutional investors now at 83.53%.
• The PNC Financial Services Group recently declared a quarterly dividend of $1.70 per share, reflecting a 3.6% yield and an increase from the previous dividend of $1.60.

Davis Selected Advisers cut its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 495,808 shares of the financial services provider's stock after selling 5,821 shares during the quarter. Davis Selected Advisers owned about 0.13% of The PNC Financial Services Group worth $87,148,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its holdings in shares of The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 984 shares during the period. Advisory Services Network LLC grew its holdings in The PNC Financial Services Group by 12.5% in the fourth quarter. Advisory Services Network LLC now owns 7,794 shares of the financial services provider's stock valued at $1,503,000 after purchasing an additional 866 shares during the period. Bessemer Group Inc. grew its holdings in The PNC Financial Services Group by 1.2% in the fourth quarter. Bessemer Group Inc. now owns 67,942 shares of the financial services provider's stock valued at $13,103,000 after purchasing an additional 799 shares during the period. CenterBook Partners LP acquired a new stake in The PNC Financial Services Group in the fourth quarter valued at approximately $827,000. Finally, F M Investments LLC grew its holdings in The PNC Financial Services Group by 12.9% in the fourth quarter. F M Investments LLC now owns 65,964 shares of the financial services provider's stock valued at $12,721,000 after purchasing an additional 7,550 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group 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 sale, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of The PNC Financial Services Group 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 in the company, valued at $3,576,734.40. This represents a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,976 shares of company stock worth $693,765 in the last 90 days. Company insiders own 0.41% of the company's stock.

The PNC Financial Services Group Trading Up 1.3%

The PNC Financial Services Group stock traded up $2.46 during trading on Friday, reaching $189.58. 1,020,079 shares of the company were exchanged, compared to its average volume of 2,093,945. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $216.26. The company has a market capitalization of $74.66 billion, a P/E ratio of 12.97, a PEG ratio of 1.41 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80. The stock's 50 day simple moving average is $187.37 and its two-hundred day simple moving average is $179.86.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $5.61 billion. During the same quarter last year, the business posted $3.39 earnings per share. The firm's revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were given a $1.70 dividend. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup raised their price objective on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. TD Cowen assumed coverage on The PNC Financial Services Group in a report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. Bank of America raised their price objective on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Barclays dropped their price objective on The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and raised their target price for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $214.17.

About The PNC Financial Services Group

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.