The PNC Financial Services Group, Inc (NYSE:PNC) Stock Holdings Lowered by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates Ltd. reduced its shareholdings in The PNC Financial Services Group by 3.2% during the first quarter, holding a total of 68,986 shares worth approximately $12.1 million.
• The PNC Financial Services Group has increased its quarterly dividend from $1.60 to $1.70, representing an annualized dividend of $6.80 and a yield of 3.47%.
• Analysts have mixed ratings on the stock, with one sell rating, eight holds, ten buys, and a recent average price target of $212.76, indicating a consensus rating of "Moderate Buy."

Pinnacle Associates Ltd. trimmed its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 3.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,986 shares of the financial services provider's stock after selling 2,308 shares during the quarter. Pinnacle Associates Ltd.'s holdings in The PNC Financial Services Group were worth $12,126,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of PNC. Franklin Resources Inc. increased its stake in The PNC Financial Services Group by 5.3% in the 4th quarter. Franklin Resources Inc. now owns 10,835,480 shares of the financial services provider's stock valued at $2,089,622,000 after buying an additional 549,278 shares during the period. Massachusetts Financial Services Co. MA increased its stake in The PNC Financial Services Group by 26.1% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 9,502,467 shares of the financial services provider's stock valued at $1,670,249,000 after buying an additional 1,964,157 shares during the period. Norges Bank acquired a new position in The PNC Financial Services Group in the 4th quarter valued at $1,352,151,000. Northern Trust Corp increased its stake in The PNC Financial Services Group by 14.9% in the 4th quarter. Northern Trust Corp now owns 4,695,514 shares of the financial services provider's stock valued at $905,530,000 after buying an additional 608,375 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in The PNC Financial Services Group by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 4,056,797 shares of the financial services provider's stock valued at $713,063,000 after buying an additional 186,249 shares during the period. 83.53% of the stock is owned by institutional investors and hedge funds.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $174.56, for a total transaction of $260,443.52. Following the transaction, the executive vice president directly owned 20,490 shares in the company, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available 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 value of $210,829.50. Following the transaction, the chief executive officer owned 554,879 shares in the company, valued at $94,190,710.25. This trade represents a 0.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,061 shares of company stock valued at $1,199,723. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

PNC has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their target price on shares of The PNC Financial Services Group from $212.50 to $189.00 and set an "overweight" rating on the stock in a research report on Thursday, April 3rd. Wells Fargo & Company decreased their target price on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a research report on Friday, March 28th. Wall Street Zen upgraded shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a research report on Friday, July 18th. Raymond James Financial upgraded 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 report on Tuesday, July 8th. Finally, Citigroup boosted their price objective on shares of The PNC Financial Services Group from $205.00 to $217.00 and gave the stock a "buy" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, The PNC Financial Services Group currently has an average rating of "Moderate Buy" and an average price target of $212.76.

The PNC Financial Services Group Stock Down 0.1%

Shares of The PNC Financial Services Group stock traded down $0.20 on Friday, hitting $195.95. 1,817,324 shares of the company's stock traded hands, compared to its average volume of 2,743,946. The stock has a market cap of $77.51 billion, a P/E ratio of 13.40, a PEG ratio of 1.46 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 1.05. The firm's 50-day moving average is $184.26 and its 200 day moving average is $180.38. 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 released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The company 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 business's revenue was up 4.6% on a year-over-year basis. During the same period in the prior year, the business posted $3.39 EPS. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th will be paid a dividend of $1.70 per share. 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 dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio is 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.