M&T Bank Corp Decreases Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

M&T Bank Corp decreased its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 5.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 206,467 shares of the financial services provider's stock after selling 12,951 shares during the period. M&T Bank Corp owned approximately 0.05% of The PNC Financial Services Group worth $36,290,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Mechanics Financial Corp bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $541,000. AssuredPartners Investment Advisors LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $739,000. Premier Fund Managers Ltd boosted its position in The PNC Financial Services Group by 38.3% during the 4th quarter. Premier Fund Managers Ltd now owns 49,430 shares of the financial services provider's stock valued at $9,511,000 after acquiring an additional 13,700 shares in the last quarter. PKS Advisory Services LLC bought a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $357,000. Finally, Kingswood Wealth Advisors LLC boosted its position in The PNC Financial Services Group by 4.5% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after acquiring an additional 120 shares in the last quarter. Institutional investors own 83.53% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PNC. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 31st. Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price objective on the stock in a research report on Tuesday. TD Cowen initiated coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They set a "buy" rating and a $233.00 price objective on the stock. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a report on Thursday, July 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus price target of $207.11.

The PNC Financial Services Group Stock Up 1.0%

PNC stock traded up $1.97 during midday trading on Tuesday, hitting $198.22. The company's stock had a trading volume of 4,366,480 shares, compared to its average volume of 2,129,942. The company has a market cap of $78.41 billion, a PE ratio of 14.00, a P/E/G ratio of 1.66 and a beta of 1.07. 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 current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.08. The firm's 50-day moving average is $176.56 and its 200-day moving average is $179.94.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.47 by $0.04. The business had revenue of $5.45 billion for the quarter, compared to analysts' expectations of $5.50 billion. The PNC Financial Services Group had a return on equity of 10.95% and a net margin of 17.68%. On average, equities research analysts forecast 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 disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th will be given a $1.70 dividend. The ex-dividend date is Tuesday, July 15th. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.43%. The PNC Financial Services Group's dividend payout ratio is 45.20%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the business's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $179.14, for a total transaction of $222,491.88. Following the completion of the sale, the chief executive officer directly owned 556,121 shares in the company, valued at approximately $99,623,515.94. The trade was a 0.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Kieran John Fallon sold 1,492 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $174.56, for a total transaction of $260,443.52. Following the sale, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,787 shares of company stock valued at $1,782,794. 0.41% of the stock is owned by corporate insiders.

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.