Jackson Square Capital LLC Sells 15,688 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Jackson Square Capital LLC lowered its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC - Free Report) by 63.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,011 shares of the financial services provider's stock after selling 15,688 shares during the period. Jackson Square Capital LLC's holdings in The PNC Financial Services Group were worth $1,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of PNC. Brighton Jones LLC boosted its position in The PNC Financial Services Group by 32.2% in the fourth quarter. Brighton Jones LLC now owns 4,041 shares of the financial services provider's stock worth $779,000 after purchasing an additional 984 shares during the last quarter. Gladstone Institutional Advisory LLC increased its holdings in The PNC Financial Services Group by 21.1% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 8,894 shares of the financial services provider's stock worth $1,715,000 after acquiring an additional 1,550 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in The PNC Financial Services Group by 69.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 50,440 shares of the financial services provider's stock valued at $9,670,000 after purchasing an additional 20,621 shares during the last quarter. Windward Private Wealth Management Inc. purchased a new stake in The PNC Financial Services Group during the fourth quarter valued at about $208,000. Finally, Asset Management One Co. Ltd. lifted its holdings in The PNC Financial Services Group by 2.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 158,514 shares of the financial services provider's stock valued at $30,638,000 after purchasing an additional 3,395 shares during the last quarter. Hedge funds and other institutional investors own 83.53% of the company's stock.

The PNC Financial Services Group Price Performance

NYSE PNC traded down $4.56 on Friday, reaching $173.18. 1,727,076 shares of the company's stock traded hands, compared to its average volume of 2,058,800. The PNC Financial Services Group, Inc. has a 12 month low of $145.12 and a 12 month high of $216.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The stock has a 50-day simple moving average of $167.04 and a 200 day simple moving average of $182.46. The stock has a market cap of $68.50 billion, a PE ratio of 12.59, a P/E/G ratio of 1.55 and a beta of 1.06.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last released its quarterly earnings data on Tuesday, April 15th. The financial services provider reported $3.51 earnings per share for the quarter, beating analysts' consensus estimates of $3.47 by $0.04. The firm had revenue of $5.45 billion during the quarter, compared to analyst estimates of $5.50 billion. The PNC Financial Services Group had a return on equity of 11.12% and a net margin of 17.10%. As a group, research 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 5th. Stockholders of record on Wednesday, April 16th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date was Wednesday, April 16th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 45.20%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of The PNC Financial Services Group from $195.00 to $185.00 and set an "underperform" rating on the stock in a report on Wednesday, April 16th. HSBC raised shares of The PNC Financial Services Group from a "hold" rating to a "buy" rating and dropped their price objective for the company from $206.00 to $202.00 in a report on Monday, March 31st. Wells Fargo & Company dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $230.00 and set an "overweight" rating on the stock in a report on Friday, March 28th. Citigroup dropped their price objective on shares of The PNC Financial Services Group from $235.00 to $200.00 and set a "buy" rating on the stock in a report on Monday, March 24th. Finally, TD Cowen assumed coverage on shares of The PNC Financial Services Group in a report on Thursday, May 15th. They set a "buy" rating and a $233.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of "Moderate Buy" and an average target price of $202.67.

Insider Activity

In related news, CEO William S. Demchak sold 1,242 shares of the firm's stock in a transaction on Friday, March 28th. The stock was sold at an average price of $174.78, for a total value of $217,076.76. Following the completion of the sale, the chief executive officer now owns 564,815 shares of the company's stock, valued at $98,718,365.70. This trade represents a 0.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $260,443.52. Following the completion of the sale, the executive vice president now directly owns 20,490 shares of the company's stock, valued at $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,912 shares of company stock valued at $2,313,022. 0.41% of the stock is currently owned by company insiders.

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.