The PNC Financial Services Group, Inc $PNC Shares Sold by Vest Financial LLC

Key Points

• Vest Financial LLC reduced its PNC stake by 24.7% in the third quarter, selling 55,124 shares and retaining 167,948 shares valued at approximately $37.3 million. Institutional investors and hedge funds collectively own 83.53% of PNC.
• Analysts maintain a generally positive outlook, with 17 Buy ratings and seven Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $266.13, despite several recent target reductions.
• PNC exceeded quarterly earnings expectations, reporting $5.09 per share versus the $4.91 consensus, while revenue rose 10.9% year over year to $6.60 billion. The company also declared a quarterly dividend of $2.00 per share, representing a 3.6% annualized yield.

Vest Financial LLC trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 24.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 167,948 shares of the financial services provider's stock after selling 55,124 shares during the quarter. Vest Financial LLC's holdings in The PNC Financial Services Group were worth $37,328,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of PNC. Highland Investment Advisors LLC bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at $28,000. Archer Investment Corp bought a new position in The PNC Financial Services Group in the 2nd quarter worth $33,000. Financial Life Planners bought a new position in The PNC Financial Services Group in the 1st quarter worth $31,000. Finally, Wilkerson Advisory Group LLC raised its holdings 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 worth $31,000 after acquiring an additional 71 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their price target on shares of The PNC Financial Services Group from $260.00 to $250.00 and set a "market perform" rating for the company in a report on Friday, October 16th. Royal Bank Of Canada dropped their price objective on The PNC Financial Services Group from $273.00 to $250.00 and set an "outperform" rating on the stock in a research note on Friday, October 16th. TD Cowen decreased their target price on The PNC Financial Services Group from $245.00 to $240.00 and set a "hold" rating for the company in a research note on Friday, October 16th. DA Davidson increased their price objective on The PNC Financial Services Group from $247.00 to $281.00 and gave the company a "buy" rating in a research report on Thursday, July 16th. Finally, Stephens cut their target price on shares of The PNC Financial Services Group from $265.00 to $250.00 and set an "overweight" rating for the company in a research note on Monday. Seventeen research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $266.13.

The PNC Financial Services Group Stock Performance

Shares of NYSE PNC opened at $222.81 on Thursday. The firm has a market capitalization of $88.89 billion, a price-to-earnings ratio of 11.55, a PEG ratio of 1.14 and a beta of 0.94. The PNC Financial Services Group, Inc has a one year low of $177.08 and a one year high of $258.96. The business has a fifty day simple moving average of $233.32 and a 200 day simple moving average of $233.51. The company has a current ratio of 0.84, a quick ratio of 0.83 and a debt-to-equity ratio of 1.23.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Thursday, October 15th. The financial services provider reported $5.09 earnings per share for the quarter, topping analysts' consensus estimates of $4.91 by $0.18. The PNC Financial Services Group had a net margin of 21.83% and a return on equity of 12.82%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.61 billion. During the same quarter in the previous year, the company earned $4.35 earnings per share. The business's revenue was up 10.9% compared to the same quarter last year. Sell-side analysts expect that The PNC Financial Services Group, Inc will post 19.22 EPS for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Stockholders of record on Wednesday, October 14th will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 42.58%.

Insider Activity at The PNC Financial Services Group

In other news, EVP Stacy Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $255.84, for a total transaction of $858,087.36. Following the sale, the executive vice president directly owned 18,800 shares in the company, valued at approximately $4,809,792. The trade was a 15.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.38% of the company's stock.

The PNC Financial Services Group Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. Through its principal banking subsidiary, PNC Bank, the company provides banking, lending, investment, and related financial services to individuals, small businesses, corporations, government entities, and institutional clients.

PNC's consumer offerings include checking and savings accounts, credit cards, mortgages, home equity loans, personal lending, and online and mobile banking.

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