MUFG Securities EMEA plc Sells 19,801 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• MUFG Securities EMEA plc reduced its stake in The PNC Financial Services Group by 15.8%, selling 19,801 shares, which now accounts for 0.4% of its portfolio, valued at approximately $18.49 million.
• Several institutional investors, including Vanguard Group and Massachusetts Financial Services, have increased their stakes in the company, demonstrating ongoing investor interest as institutional ownership reaches 83.53%.
• The PNC Financial Services Group recently raised its quarterly dividend to $1.70 per share, indicating a commitment to returning value to shareholders, which translates to an annualized dividend yield of 3.6%.

MUFG Securities EMEA plc lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,199 shares of the financial services provider's stock after selling 19,801 shares during the period. The PNC Financial Services Group comprises 0.4% of MUFG Securities EMEA plc's investment portfolio, making the stock its 19th biggest position. MUFG Securities EMEA plc's holdings in The PNC Financial Services Group were worth $18,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cornerstone Planning Group LLC boosted its stake 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 valued at $34,000 after buying an additional 65 shares in the last quarter. Opal Wealth Advisors LLC purchased a new stake in shares of The PNC Financial Services Group in the first quarter valued at $35,000. REAP Financial Group LLC lifted its position in The PNC Financial Services Group by 67.2% during 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 during the period. True Wealth Design LLC lifted its position in The PNC Financial Services Group by 41.5% during 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 during the period. Finally, Fourth Dimension Wealth LLC acquired a new stake in The PNC Financial Services Group during the first quarter worth about $41,000. Institutional investors and hedge funds own 83.53% of the company's stock.

Insider Buying and Selling 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 that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction 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. The trade was a 0.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

PNC has been the subject of a number of recent research reports. Keefe, Bruyette & Woods upgraded 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 note on Wednesday, July 9th. The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Oppenheimer raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price for the company in a research report on Wednesday, July 30th. 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 for the company in a research report on Tuesday, July 8th. Finally, Morgan Stanley raised their target price on The PNC Financial Services Group from $179.00 to $186.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

The PNC Financial Services Group Trading Down 0.6%

Shares of PNC traded down $1.22 during trading hours on Monday, reaching $188.52. The stock had a trading volume of 1,571,719 shares, compared to its average volume of 2,012,803. The firm has a 50-day moving average of $187.37 and a 200 day moving average of $179.74. The company has a market cap of $74.24 billion, a P/E ratio of 12.89, a P/E/G ratio of 1.41 and a beta of 1.09. 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, Inc has a 52 week low of $145.12 and a 52 week high of $216.26.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, topping analysts' consensus estimates of $3.56 by $0.29. The business had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The PNC Financial Services Group's quarterly revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the company posted $3.39 earnings per share. On average, sell-side analysts expect 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 declared a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were given a $1.70 dividend. The ex-dividend date was Tuesday, July 15th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a dividend yield of 3.6%. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 46.51%.

The PNC Financial Services Group Company 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.