Rhino Investment Partners Inc Reduces Stock Holdings in The PNC Financial Services Group, Inc $PNC

Key Points

• Rhino Investment Partners cut its stake in The PNC Financial Services Group by 52.2% during Q3, selling 27,000 shares and leaving 24,761 shares worth about $4.98 million (roughly 1.6% of Rhino’s holdings).
• Insider selling: CEO William S. Demchak sold 50,000 shares for about $11.54 million (an 8.27% reduction), and insiders have sold 64,186 shares totaling roughly $14.84 million in the last 90 days.
• Several analysts have raised price targets and the stock holds a consensus rating of “Moderate Buy” with a mean target of $234.44.

Rhino Investment Partners Inc lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 52.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,761 shares of the financial services provider's stock after selling 27,000 shares during the period. The PNC Financial Services Group accounts for approximately 1.6% of Rhino Investment Partners Inc's holdings, making the stock its 23rd biggest holding. Rhino Investment Partners Inc's holdings in The PNC Financial Services Group were worth $4,975,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in PNC. Westfuller Advisors LLC bought a new position in The PNC Financial Services Group in the 3rd quarter worth $34,000. Financial Life Planners bought a new stake in shares of The PNC Financial Services Group during the 3rd quarter valued at about $39,000. Bayforest Capital Ltd increased its position in shares of The PNC Financial Services Group by 237.1% during the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider's stock valued at $42,000 after buying an additional 147 shares during the period. Corundum Trust Company INC purchased a new position in shares of The PNC Financial Services Group during the third quarter valued at about $49,000. Finally, Country Trust Bank raised its stake in The PNC Financial Services Group by 38.9% in the third quarter. Country Trust Bank now owns 243 shares of the financial services provider's stock worth $49,000 after buying an additional 68 shares in the last quarter. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 completion of the transaction, the chief executive officer owned 554,274 shares of the company's stock, valued at $127,970,781.12. This trade represents a 8.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business's stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the sale, the executive vice president directly owned 21,120 shares in the company, valued at $4,940,179.20. This trade represents a 10.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 64,186 shares of company stock worth $14,840,973 in the last 90 days. Corporate insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Barclays raised their price objective on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an "overweight" rating in a report on Monday, January 5th. JPMorgan Chase & Co. increased their target price on The PNC Financial Services Group from $228.50 to $251.00 and gave the stock an "overweight" rating in a research report on Monday, February 9th. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an "overweight" rating in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods lifted their price target on The PNC Financial Services Group from $228.00 to $247.00 and gave the company a "market perform" rating in a research report on Tuesday, January 20th. Finally, Morgan Stanley upped their price target on The PNC Financial Services Group from $211.00 to $221.00 and gave the stock an "underweight" rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and a consensus target price of $234.44.

The PNC Financial Services Group Trading Down 0.8%

NYSE:PNC opened at $200.98 on Friday. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.81 and a quick ratio of 0.81. The company's 50-day simple moving average is $221.54 and its 200 day simple moving average is $205.28. The firm has a market capitalization of $81.07 billion, a P/E ratio of 12.11, a PEG ratio of 0.85 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts' consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The business had revenue of $6.07 billion for the quarter, compared to analysts' expectations of $5.90 billion. During the same quarter in the prior year, the company earned $3.77 earnings per share. The business's revenue was up 9.1% compared to the same quarter last year. As a group, analysts forecast that The PNC Financial Services Group, Inc will post 15.37 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were paid a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a dividend yield of 3.4%. The PNC Financial Services Group's dividend payout ratio is presently 40.99%.

About The PNC Financial Services Group

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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