The PNC Financial Services Group, Inc $PNC Shares Sold by Aristotle Capital Management LLC

Key Points

• Aristotle Capital Management trimmed its PNC position by 4.5% in the first quarter, though it still owned 4.11 million shares worth about $855.5 million, or roughly 1.02% of the company.
• PNC reported strong quarterly results, posting EPS of $4.85 versus $4.46 expected and revenue of $6.66 billion, with revenue up 21.4% year over year.
• The company raised its dividend to $2.00 per share from $1.70, and analysts remain constructive overall, with a consensus rating of “Moderate Buy” and an average price target of $265.48.

Aristotle Capital Management LLC reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,111,310 shares of the financial services provider's stock after selling 195,386 shares during the quarter. The PNC Financial Services Group comprises approximately 1.8% of Aristotle Capital Management LLC's portfolio, making the stock its 22nd largest holding. Aristotle Capital Management LLC owned about 1.02% of The PNC Financial Services Group worth $855,536,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $25,000. Quarry LP purchased a new stake in The PNC Financial Services Group during the 3rd quarter valued at approximately $25,000. Modus Advisors LLC purchased a new stake in The PNC Financial Services Group during the 4th quarter valued at approximately $29,000. Financial Life Planners purchased a new position in The PNC Financial Services Group in the 1st quarter valued at $31,000. Finally, Wilkerson Advisory Group LLC increased its stake in The PNC Financial Services Group by 93.4% in the 1st quarter. Wilkerson Advisory Group LLC now owns 147 shares of the financial services provider's stock valued at $31,000 after buying an additional 71 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Michael Duane Thomas sold 1,500 shares of the company's stock in a transaction dated Friday, June 12th. The shares were sold at an average price of $238.14, for a total value of $357,210.00. Following the completion of the transaction, the executive vice president owned 5,059 shares in the company, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Stephanie Novosel sold 1,800 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $228.73, for a total value of $411,714.00. Following the completion of the transaction, the executive vice president directly owned 3,107 shares of the company's stock, valued at approximately $710,664.11. The trade was a 36.68% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 48,300 shares of company stock valued at $10,694,574 in the last quarter. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $250.59 on Friday. The company has a market cap of $100.63 billion, a P/E ratio of 13.79, a P/E/G ratio of 0.99 and a beta of 0.91. The company has a quick ratio of 0.84, a current ratio of 0.85 and a debt-to-equity ratio of 1.29. The PNC Financial Services Group, Inc has a fifty-two week low of $176.88 and a fifty-two week high of $256.49. The firm's 50 day moving average is $236.91 and its two-hundred day moving average is $224.87.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $4.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.46 by $0.39. The business had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.51 billion. The PNC Financial Services Group had a return on equity of 12.48% and a net margin of 21.41%.The company's revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.85 earnings per share. Analysts expect that The PNC Financial Services Group, Inc will post 19.25 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Shareholders of record on Monday, July 20th will be paid a dividend of $2.00 per share. The ex-dividend date is Monday, July 20th. This is a positive change from The PNC Financial Services Group's previous quarterly dividend of $1.70. This represents a $8.00 annualized dividend and a yield of 3.2%. The PNC Financial Services Group's payout ratio is presently 44.03%.

Analysts Set New Price Targets

A number of brokerages have commented on PNC. Citigroup upped their price objective on shares of The PNC Financial Services Group from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Royal Bank Of Canada upped their price objective on The PNC Financial Services Group from $235.00 to $273.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Morgan Stanley increased their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an "equal weight" rating in a research report on Monday, June 29th. Argus upped their target price on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Finally, Barclays raised their price objective on The PNC Financial Services Group from $277.00 to $284.00 and gave the company an "overweight" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $265.48.

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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