The PNC Financial Services Group, Inc $PNC Shares Sold by Northern Trust Corp

Key Points

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Northern Trust Corp trimmed its holdings in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 0.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,684,399 shares of the financial services provider's stock after selling 11,115 shares during the period. Northern Trust Corp owned about 1.18% of The PNC Financial Services Group worth $823,377,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. True Wealth Design LLC raised its position in shares of The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 59 shares in the last quarter. Cornerstone Planning Group LLC raised its position in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 65 shares in the last quarter. WealthPLAN Partners LLC raised its position in shares of The PNC Financial Services Group by 0.5% during the 1st quarter. WealthPLAN Partners LLC now owns 12,629 shares of the financial services provider's stock valued at $2,220,000 after acquiring an additional 66 shares in the last quarter. Y.D. More Investments Ltd raised its position in shares of The PNC Financial Services Group by 13.8% during the 1st quarter. Y.D. More Investments Ltd now owns 559 shares of the financial services provider's stock valued at $98,000 after acquiring an additional 68 shares in the last quarter. Finally, Spire Wealth Management raised its position in shares of The PNC Financial Services Group by 2.2% during the 1st quarter. Spire Wealth Management now owns 3,257 shares of the financial services provider's stock valued at $573,000 after acquiring an additional 69 shares in the last quarter. 83.53% of the stock is owned by institutional investors and hedge funds.

The PNC Financial Services Group Price Performance

Shares of PNC opened at $192.06 on Tuesday. The firm has a market capitalization of $75.64 billion, a price-to-earnings ratio of 13.14, a price-to-earnings-growth ratio of 1.42 and a beta of 1.09. The company has a debt-to-equity ratio of 0.99, a quick ratio of 0.80 and a current ratio of 0.80. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $216.26. The stock's fifty day moving average is $189.24 and its 200-day moving average is $179.33.

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 EPS for the quarter, beating analysts' consensus estimates of $3.56 by $0.29. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $5.61 billion. The PNC Financial Services Group had a return on equity of 11.07% and a net margin of 18.33%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same period last year, the company earned $3.39 earnings per share. Equities analysts anticipate that The PNC Financial Services Group, Inc will post 15.37 EPS 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. Investors of record on Tuesday, July 15th were issued a dividend of $1.70 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This is an increase from The PNC Financial Services Group's previous quarterly dividend of $1.60. This represents a $6.80 dividend on an annualized basis and a yield of 3.5%. The PNC Financial Services Group's dividend payout ratio is presently 46.51%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total transaction 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. The trade was a 0.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PNC. Keefe, Bruyette & Woods raised The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their price target for the company from $185.00 to $212.00 in a research report on Wednesday, July 9th. Bank of America upped their price target on The PNC Financial Services Group from $223.00 to $226.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Wolfe Research reissued a "peer perform" rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Citigroup upped their price target on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a research report on Thursday, July 17th. Finally, The Goldman Sachs Group upped their price target on The PNC Financial Services Group from $178.00 to $196.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

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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