The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Empire Life Investments Inc.

Key Points

• Empire Life Investments Inc. reduced its position in The PNC Financial Services Group by 5.8%, selling 13,330 shares, bringing its total ownership to 217,875 shares valued at approximately $38.3 million.
• Analysts have mixed sentiments on PNC's stock, with a consensus rating of "Moderate Buy" and an average target price of $214.17, reflecting positive growth predictions following recent earnings reports.
• The PNC Financial Services Group announced a quarterly dividend increase to $1.70 per share, resulting in an annualized yield of 3.7%, indicating the company’s continued commitment to returning value to shareholders.

Empire Life Investments Inc. lessened its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 217,875 shares of the financial services provider's stock after selling 13,330 shares during the quarter. The PNC Financial Services Group makes up about 2.5% of Empire Life Investments Inc.'s investment portfolio, making the stock its 8th largest holding. Empire Life Investments Inc. owned about 0.06% of The PNC Financial Services Group worth $38,296,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its holdings in shares of The PNC Financial Services Group by 50.8% in the first quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock worth $34,000 after acquiring an additional 65 shares during the period. REAP Financial Group LLC lifted its position in shares of The PNC Financial Services Group by 67.2% in the fourth quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider's stock worth $38,000 after buying an additional 80 shares in the last quarter. True Wealth Design LLC lifted its position in shares of The PNC Financial Services Group by 41.5% in the fourth quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock worth $39,000 after buying an additional 59 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in The PNC Financial Services Group during the first quarter valued at approximately $35,000. Finally, Fourth Dimension Wealth LLC purchased a new stake in The PNC Financial Services Group during the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock traded down $0.25 on Wednesday, hitting $188.74. 1,335,774 shares of the company were exchanged, compared to its average volume of 2,339,788. The stock has a market capitalization of $74.33 billion, a price-to-earnings ratio of 12.91, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The company has a 50-day moving average price of $186.52 and a 200 day moving average price of $180.05. The PNC Financial Services Group, Inc has a 1-year low of $145.12 and a 1-year high of $216.26. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating 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 analysts' expectations of $5.61 billion. During the same period in the prior year, the firm posted $3.39 earnings per share. The firm's quarterly revenue was up 4.6% on a year-over-year basis. As a group, sell-side analysts predict 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 business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were paid a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a dividend yield of 3.6%. The PNC Financial Services Group's payout ratio is 46.51%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PNC. Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price on the stock in a research note on Wednesday, July 30th. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their target price for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. The Goldman Sachs Group increased their target price on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Citigroup raised their price objective on The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. Finally, Bank of America increased 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. One analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

Insider Buying and Selling at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total value of $260,443.52. Following the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the completion of the transaction, the chief executive officer directly owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,218 shares of company stock worth $900,918. Insiders own 0.41% of the company's stock.

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.