TD Asset Management Inc Sells 3,118 Shares of The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• TD Asset Management Inc reduced its stake in The PNC Financial Services Group by 1.5%, selling 3,118 shares, bringing their total holdings to 201,469 shares valued at approximately $35.4 million.
• The company recently increased its quarterly dividend from $1.60 to $1.70 per share, representing a yield of 3.51%.
• The PNC Financial Services Group reported earnings of $3.85 per share, surpassing analysts' estimates, with quarterly revenue rising 4.6% year-over-year to $3.01 billion.

TD Asset Management Inc trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 1.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 201,469 shares of the financial services provider's stock after selling 3,118 shares during the period. TD Asset Management Inc owned about 0.05% of The PNC Financial Services Group worth $35,412,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its position in shares of 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 worth $1,670,249,000 after purchasing an additional 1,964,157 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new stake in The PNC Financial Services Group during the 4th quarter worth $299,864,000. GAMMA Investing LLC raised its stake in shares of The PNC Financial Services Group by 19,279.5% in the 1st quarter. GAMMA Investing LLC now owns 1,149,008 shares of the financial services provider's stock valued at $201,961,000 after purchasing an additional 1,143,079 shares during the period. Northern Trust Corp raised its stake in shares of 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 purchasing an additional 608,375 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of 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 purchasing an additional 549,278 shares during the period. 83.53% of the stock is currently owned by institutional investors.

The PNC Financial Services Group Trading Down 1.0%

Shares of NYSE:PNC opened at $194.00 on Tuesday. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The stock has a market cap of $76.74 billion, a PE ratio of 13.27, a P/E/G ratio of 1.46 and a beta of 1.07. The business has a 50 day moving average of $184.57 and a 200-day moving average of $180.22. 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 PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $5.61 billion. During the same period in the previous year, the business earned $3.39 earnings per share. The firm's quarterly revenue was up 4.6% on a year-over-year basis. As a group, equities research analysts forecast 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 company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th will be given a dividend of $1.70 per share. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Tuesday, July 15th. The PNC Financial Services Group's payout ratio is currently 46.51%.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of the company's stock in a transaction 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 approximately $94,190,710.25. This represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kieran John Fallon sold 1,492 shares of the company'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 owned 20,490 shares of the company's stock, valued at $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 6,460 shares of company stock valued at $1,103,563. Company insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Hsbc Global Res raised The PNC Financial Services Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 31st. Royal Bank Of Canada dropped their price target on The PNC Financial Services Group from $205.00 to $195.00 and set an "outperform" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. lowered their target price on 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. HSBC raised The PNC Financial Services Group from a "hold" rating to a "buy" rating and lowered their target price for the company from $206.00 to $202.00 in a research report on Monday, March 31st. Finally, TD Cowen began coverage on The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 target price on the stock. 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 given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $212.76.

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.

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