Charles Schwab Investment Management Inc. Decreases Stock Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in The PNC Financial Services Group by 0.2%, holding 2,474,249 shares worth approximately $434.9 million at the end of the quarter.
• The firm saw an increase in shareholder activity, with Brighton Jones LLC and F M Investments LLC boosting their positions by 32.2% and 12.9%, respectively, during the fourth quarter.
• PNC recently raised its quarterly dividend from $1.60 to $1.70, representing a 3.6% yield and a payout ratio of 46.51%.

Charles Schwab Investment Management Inc. lowered its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 2,474,249 shares of the financial services provider's stock after selling 5,775 shares during the period. Charles Schwab Investment Management Inc. owned 0.63% of The PNC Financial Services Group worth $434,899,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. ASR Vermogensbeheer N.V. acquired a new position in shares of The PNC Financial Services Group during the 1st quarter valued at $8,236,000. Citizens Financial Group Inc. RI lifted its position in shares of The PNC Financial Services Group by 1.2% during the 1st quarter. Citizens Financial Group Inc. RI now owns 17,714 shares of the financial services provider's stock valued at $3,114,000 after acquiring an additional 202 shares during the period. Leeward Financial Partners LLC lifted its position in shares of The PNC Financial Services Group by 1.9% during the 1st quarter. Leeward Financial Partners LLC now owns 13,068 shares of the financial services provider's stock valued at $2,297,000 after acquiring an additional 245 shares during the period. Vanguard Group Inc. raised its holdings in The PNC Financial Services Group by 0.7% during the first quarter. Vanguard Group Inc. now owns 37,965,619 shares of the financial services provider's stock worth $6,673,217,000 after buying an additional 248,252 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in The PNC Financial Services Group by 41.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,818,090 shares of the financial services provider's stock worth $495,336,000 after buying an additional 830,440 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of PNC stock traded up $2.46 during trading hours on Friday, hitting $189.58. 1,020,079 shares of the company's stock were exchanged, compared to its average volume of 2,093,945. The company has a market capitalization of $74.66 billion, a PE ratio of 12.97, a PEG ratio of 1.41 and a beta of 1.09. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The business's 50 day simple moving average is $187.37 and its 200-day simple moving average is $179.86. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $3.01 billion for the quarter, compared to analysts' expectations of $5.61 billion. During the same quarter last year, the business earned $3.39 earnings per share. The business's revenue was up 4.6% on a year-over-year basis. On average, equities research 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 company also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Stockholders of record on Tuesday, July 15th were issued a $1.70 dividend. This is a positive change 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 3.6%. The ex-dividend date was Tuesday, July 15th. The PNC Financial Services Group's dividend payout ratio (DPR) is 46.51%.

Analyst Ratings Changes

PNC has been the subject of several recent analyst reports. Wolfe Research reiterated a "peer perform" rating on shares of The PNC Financial Services Group in a research note on Thursday, July 3rd. Oppenheimer upgraded shares of 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 note on Wednesday, July 30th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $179.00 to $186.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. TD Cowen initiated coverage on shares of The PNC Financial Services Group in a research report on Thursday, May 15th. They issued a "buy" rating and a $233.00 price objective on the stock. Finally, 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, The PNC Financial Services Group presently has an average rating of "Moderate Buy" and a consensus target price of $214.17.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group 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 completion of the transaction, the executive vice president owned 20,490 shares of the company's stock, valued at approximately $3,576,734.40. This trade represents a 6.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total value of $210,829.50. Following the transaction, the chief executive officer directly owned 554,879 shares of the company's stock, valued at $94,190,710.25. This represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 3,976 shares of company stock worth $693,765 in the last 90 days. Company insiders own 0.41% of the company's stock.

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.