M&T Bank Corp Sells 147,526 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• M&T Bank Corp cut its stake in PNC by 82.3% in Q4, selling 147,526 shares and leaving it with 31,701 shares valued at $6.62 million.
• Company insiders have been selling: CEO William S. Demchak sold 50,000 shares (~$11.54M) and EVP Richard K. Bynum sold 7,407 shares, with insiders disposing of 64,186 shares (~$14.84M) over the past three months.
• PNC beat quarterly EPS expectations ($4.32 vs. $3.92), announced a quarterly dividend of $1.70 (3.1% yield), and holds a consensus analyst rating of Moderate Buy with an average price target of about $241.69.

M&T Bank Corp lowered its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 82.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 31,701 shares of the financial services provider's stock after selling 147,526 shares during the quarter. M&T Bank Corp's holdings in The PNC Financial Services Group were worth $6,617,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in The PNC Financial Services Group by 12.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider's stock valued at $11,621,000 after purchasing an additional 6,572 shares in the last quarter. US Bancorp DE raised its position in shares of The PNC Financial Services Group by 13.4% in the 3rd quarter. US Bancorp DE now owns 287,236 shares of the financial services provider's stock valued at $57,714,000 after buying an additional 34,009 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in shares of The PNC Financial Services Group by 1.2% during the 3rd quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider's stock worth $369,169,000 after acquiring an additional 22,325 shares during the period. National Pension Service boosted its position in shares of The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider's stock worth $215,113,000 after acquiring an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC increased its stake in The PNC Financial Services Group by 8.7% in the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider's stock valued at $17,672,000 after acquiring an additional 7,064 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Insider Buying and Selling

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 7,407 shares of the stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the sale, the executive vice president owned 1,942 shares of the company's stock, valued at approximately $448,563.16. This represents a 79.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 50,000 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $230.88, for a total transaction of $11,544,000.00. Following the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 64,186 shares of company stock valued at $14,840,973 over the last three months. 0.38% of the stock is owned by insiders.

The PNC Financial Services Group Stock Performance

Shares of The PNC Financial Services Group stock opened at $219.97 on Friday. The stock has a market cap of $88.73 billion, a price-to-earnings ratio of 12.78, a P/E/G ratio of 0.94 and a beta of 0.96. The PNC Financial Services Group, Inc has a twelve month low of $156.70 and a twelve month high of $243.94. The company's fifty day moving average is $214.70 and its 200 day moving average is $207.52. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.00.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its earnings results on Wednesday, April 15th. The financial services provider reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.92 by $0.40. The business had revenue of $6.17 billion during the quarter, compared to analyst estimates of $6.21 billion. The PNC Financial Services Group had a return on equity of 12.10% and a net margin of 20.89%.The PNC Financial Services Group's revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period last year, the company earned $3.51 EPS. Sell-side analysts forecast that The PNC Financial Services Group, Inc will post 18.79 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Tuesday, April 14th will be given a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Tuesday, April 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is 39.51%.

Analyst Ratings Changes

Several equities research analysts have weighed in on PNC shares. TD Cowen upped their target price on The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Barclays upped their price objective on The PNC Financial Services Group from $271.00 to $277.00 and gave the stock an "overweight" rating in a research report on Thursday, April 16th. Oppenheimer lifted their target price on The PNC Financial Services Group from $263.00 to $268.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Jefferies Financial Group assumed coverage on The PNC Financial Services Group in a research note on Thursday, March 26th. They set a "buy" rating and a $250.00 target price for the company. Finally, Keefe, Bruyette & Woods increased their target price on shares of The PNC Financial Services Group from $247.00 to $253.00 and gave the stock a "market perform" rating in a report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, The PNC Financial Services Group presently has a consensus rating of "Moderate Buy" and an average price target of $241.69.

The PNC Financial Services Group Company 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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