US Bancorp DE Reduces Stake in The PNC Financial Services Group, Inc (NYSE:PNC)

Key Points

• US Bancorp DE reduced its stake in The PNC Financial Services Group by 4.6%, owning 255,695 shares after selling 12,194 shares in Q1.
• The PNC Financial Services Group announced a quarterly dividend increase from $1.60 to $1.70 per share, reflecting a 3.7% dividend yield.
• Analysts have a consensus rating of "Moderate Buy" for PNC, with price target upgrades from various firms suggesting potential growth in the stock value.

US Bancorp DE trimmed its position in shares of The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 4.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 255,695 shares of the financial services provider's stock after selling 12,194 shares during the quarter. US Bancorp DE owned approximately 0.06% of The PNC Financial Services Group worth $44,943,000 as of its most recent filing with the SEC.

Other large investors have also recently 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 grew its holdings in The PNC Financial Services Group by 4.5% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,802 shares of the financial services provider's stock valued at $493,000 after buying an additional 120 shares in the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $169.75, for a total value of $210,829.50. Following the sale, the chief executive officer owned 554,879 shares of the company's stock, valued at $94,190,710.25. This trade represents a 0.22% 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 Kieran John Fallon sold 1,492 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the transaction, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. The trade was a 6.79% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,218 shares of company stock worth $900,918 in the last ninety days. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNC. Oppenheimer upgraded The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $238.00 target price for the company in a report on Wednesday, July 30th. Morgan Stanley upped their target price on 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. Citigroup upped their target price on The PNC Financial Services Group from $205.00 to $217.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Keefe, Bruyette & Woods upgraded The PNC Financial Services Group from an "underperform" rating to a "market perform" rating and upped their target price for the company from $185.00 to $212.00 in a report on Wednesday, July 9th. Finally, Raymond James Financial raised The PNC Financial Services Group from a "market perform" rating to an "outperform" rating and set a $220.00 price target on the stock in a research note on Tuesday, July 8th. 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 issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $214.17.

The PNC Financial Services Group Trading Up 0.0%

The PNC Financial Services Group stock traded up $0.09 during midday trading on Wednesday, reaching $189.08. 585,886 shares of the stock traded hands, compared to its average volume of 2,385,268. The company has a 50-day simple moving average of $186.52 and a two-hundred day simple moving average of $180.05. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $216.26. The firm has a market cap of $74.46 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 0.99.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $3.85 earnings per share (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 PNC Financial Services Group's revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.39 EPS. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 5th. Shareholders of record on Tuesday, July 15th were given 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 an increase 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.