Mizuho Securities USA LLC Trims Holdings in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• Mizuho Securities USA LLC reduced its holdings in The PNC Financial Services Group by 15.7%, now owning 31,703 shares worth approximately $5.57 million.
• The PNC Financial Services Group recently increased its quarterly dividend from $1.60 to $1.70, reflecting a 3.6% yield with a dividend payout ratio of 46.51%.
• After posting earnings of $3.85 per share, the company exceeded analysts' expectations of $3.56, with revenue of $3.01 billion for the quarter.

Mizuho Securities USA LLC cut its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 15.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,703 shares of the financial services provider's stock after selling 5,903 shares during the period. Mizuho Securities USA LLC's holdings in The PNC Financial Services Group were worth $5,572,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ignite Planners LLC increased its position in shares of The PNC Financial Services Group by 8.4% during the first quarter. Ignite Planners LLC now owns 1,628 shares of the financial services provider's stock worth $262,000 after purchasing an additional 126 shares in the last quarter. Exane Asset Management increased its position in shares of The PNC Financial Services Group by 32.9% during the first quarter. Exane Asset Management now owns 149,783 shares of the financial services provider's stock worth $28,434,000 after purchasing an additional 37,110 shares in the last quarter. Smith Salley Wealth Management increased its position in shares of The PNC Financial Services Group by 15.6% during the first quarter. Smith Salley Wealth Management now owns 72,844 shares of the financial services provider's stock worth $12,804,000 after purchasing an additional 9,836 shares in the last quarter. United Community Bank increased its position in shares of The PNC Financial Services Group by 687.0% during the first quarter. United Community Bank now owns 12,325 shares of the financial services provider's stock worth $2,166,000 after purchasing an additional 10,759 shares in the last quarter. Finally, Kingswood Wealth Advisors LLC increased its position in shares of The PNC Financial Services Group by 4.5% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock worth $493,000 after purchasing an additional 120 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNC. Oppenheimer raised shares of The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 price objective on the stock in a report on Wednesday, July 30th. Morgan Stanley boosted their price objective on shares of 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. Wall Street Zen raised shares of The PNC Financial Services Group from a "sell" rating to a "hold" rating in a report on Friday, July 18th. Barclays dropped their price objective on shares of The PNC Financial Services Group from $257.00 to $235.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Finally, Keefe, Bruyette & Woods raised shares of The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and boosted their price objective for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of "Moderate Buy" and an average target price of $214.17.

Insiders Place Their Bets

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction dated 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 approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company's stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC traded up $2.70 during trading on Tuesday, reaching $191.23. 1,679,222 shares of the company's stock traded hands, compared to its average volume of 1,984,285. The PNC Financial Services Group, Inc has a fifty-two week low of $145.12 and a fifty-two week high of $216.26. 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 firm has a market cap of $75.31 billion, a PE ratio of 13.08, a P/E/G ratio of 1.40 and a beta of 1.09. The company has a 50-day simple moving average of $187.96 and a 200-day simple moving average of $179.74.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last issued 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 firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The PNC Financial Services Group's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company posted $3.39 EPS. As a group, analysts predict 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 business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were paid a $1.70 dividend. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $6.80 dividend on an annualized basis and a yield of 3.6%. This is a boost from The PNC Financial Services Group's previous quarterly dividend of $1.60. The PNC Financial Services Group's dividend payout ratio is 46.51%.

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.