HighTower Advisors LLC Sells 61,999 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• HighTower Advisors reduced its PNC stake by 21.3% in the second quarter, selling 61,999 shares and retaining 229,612 shares valued at approximately $56.5 million. Institutional investors collectively own 83.53% of PNC.
• PNC reported stronger-than-expected quarterly results, with EPS of $4.85 versus the $4.46 consensus estimate and revenue of $6.88 billion, up 21.4% year over year.
• PNC raised its quarterly dividend to $2.00, equivalent to an annualized $8.00 and a 3.3% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $265.73.

HighTower Advisors LLC trimmed its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 21.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 229,612 shares of the financial services provider's stock after selling 61,999 shares during the quarter. HighTower Advisors LLC owned 0.06% of The PNC Financial Services Group worth $56,535,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of PNC. Tobias Financial Advisors Inc. purchased a new position in The PNC Financial Services Group in the second quarter worth $203,000. Groupe la Francaise increased its position in shares of The PNC Financial Services Group by 47.8% during the 2nd quarter. Groupe la Francaise now owns 1,769 shares of the financial services provider's stock valued at $436,000 after purchasing an additional 572 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at $52,888,000. Vancity Investment Management Ltd raised its stake in shares of The PNC Financial Services Group by 22.5% during the 2nd quarter. Vancity Investment Management Ltd now owns 39,789 shares of the financial services provider's stock worth $9,797,000 after purchasing an additional 7,302 shares during the period. Finally, California State Teachers Retirement System boosted its holdings in shares of The PNC Financial Services Group by 24,820.0% in the 2nd quarter. California State Teachers Retirement System now owns 154,202,415 shares of the financial services provider's stock worth $37,967,719,000 after buying an additional 153,583,625 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy M. Juchno sold 3,354 shares of the stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the transaction, the executive vice president owned 18,800 shares of the company's stock, valued at $4,809,792. This represents a 15.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Michael Thomas sold 1,500 shares of the firm's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This trade represents a 22.87% decrease in their position. The SEC filing for this sale provides additional information. 0.38% of the stock is currently owned by corporate insiders.

The PNC Financial Services Group Trading Up 0.0%

Shares of The PNC Financial Services Group stock opened at $245.64 on Tuesday. The PNC Financial Services Group, Inc has a 52-week low of $176.88 and a 52-week high of $258.96. The stock's 50-day simple moving average is $249.51 and its 200 day simple moving average is $229.96. The stock has a market capitalization of $98.00 billion, a P/E ratio of 13.52, a P/E/G ratio of 1.23 and a beta of 0.90. The company has a debt-to-equity ratio of 1.34, a quick ratio of 0.84 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.46 by $0.39. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The firm had revenue of $6.88 billion for the quarter, compared to the consensus estimate of $6.51 billion. During the same quarter in the prior year, the business posted $3.85 earnings per share. The business's quarterly revenue was up 21.4% on a year-over-year basis. As a group, research analysts anticipate that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 3.3%. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group's dividend payout ratio (DPR) is currently 44.03%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PNC. Weiss Ratings restated a "buy (b)" rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $267.00 to $278.00 and gave the company an "equal weight" rating in a research note on Monday, June 29th. Royal Bank Of Canada increased their target price on shares of The PNC Financial Services Group from $235.00 to $273.00 and gave the company an "outperform" rating in a research report on Thursday, July 16th. Finally, Wells Fargo & Company raised their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the stock an "overweight" rating in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $265.73.

The PNC Financial Services Group Profile

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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