The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Morton Community Bank

Key Points

• Morton Community Bank sold 85.3% of its position in The PNC Financial Services Group, reducing its holdings from 19,703 shares to 2,896 shares, valued at $509,000.
• The PNC Financial Services Group reported earnings of $3.85 per share for the last quarter, exceeding analysts' expectations, with a revenue increase of 4.6% compared to the same quarter last year.
• The company recently increased its quarterly dividend to $1.70 per share, resulting in an annualized dividend of $6.80 and a yield of 3.6%.

Morton Community Bank reduced its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,896 shares of the financial services provider's stock after selling 16,807 shares during the quarter. Morton Community Bank's holdings in The PNC Financial Services Group were worth $509,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group by 26.1% during the 1st 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 during the period. Leigh Baldwin & CO. LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter worth approximately $299,864,000. GAMMA Investing LLC increased its stake in The PNC Financial Services Group by 19,279.5% during the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock worth $201,961,000 after buying an additional 1,143,079 shares during the period. Goldman Sachs Group Inc. increased its stake in The PNC Financial Services Group by 41.8% during the 1st 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 during the period. Finally, Northern Trust Corp increased its stake in The PNC Financial Services Group by 14.9% during the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock worth $905,530,000 after buying an additional 608,375 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Kieran John Fallon sold 1,492 shares of the firm'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 in the company, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares of the company's stock, 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. Insiders sold a total of 3,976 shares of company stock valued at $693,765 in the last 90 days. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of several recent research reports. Raymond James Financial raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 target price on the stock in a research note on Tuesday, July 8th. Royal Bank Of Canada cut 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. Barclays cut their target price on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and increased their price objective for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. Finally, Bank of America increased their price objective on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.17.

The PNC Financial Services Group Stock Performance

The PNC Financial Services Group stock traded up $2.46 during midday trading on Friday, hitting $189.58. 1,020,079 shares of the company's stock were exchanged, compared to its average volume of 2,093,945. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a market cap of $74.66 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The firm's 50 day simple moving average is $187.37 and its 200 day simple moving average is $179.86.

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

The PNC Financial Services Group Increases Dividend

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

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.