Vestor Capital LLC Sells 152,239 Shares of The PNC Financial Services Group, Inc $PNC

Key Points

• Vestor Capital cut its PNC stake by 96.5% in the third quarter, selling 152,239 shares and retaining 5,594 shares valued at about $1.24 million. Institutional investors overall own 83.53% of the company.
• PNC reported quarterly earnings of $5.09 per share, beating estimates of $4.91; revenue rose 10.9% year over year to $6.60 billion, slightly below expectations.
• Analysts give PNC a “Moderate Buy” consensus rating, with an average price target of $266.04. The company’s quarterly dividend is $2 per share, equivalent to an annualized yield of 3.5% at the article’s cited price.

Vestor Capital LLC lowered its stake in The PNC Financial Services Group, Inc (NYSE:PNC - Free Report) by 96.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,594 shares of the financial services provider's stock after selling 152,239 shares during the period. Vestor Capital LLC's holdings in The PNC Financial Services Group were worth $1,243,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AlphaCore Capital LLC boosted its stake in shares of The PNC Financial Services Group by 6.6% during the third quarter. AlphaCore Capital LLC now owns 32,356 shares of the financial services provider's stock valued at $7,191,000 after purchasing an additional 1,990 shares in the last quarter. Leuthold Group LLC raised its holdings in The PNC Financial Services Group by 10.1% in the 3rd quarter. Leuthold Group LLC now owns 25,741 shares of the financial services provider's stock valued at $5,721,000 after buying an additional 2,355 shares during the last quarter. Fulcrum Asset Management LLP acquired a new stake in The PNC Financial Services Group during the 3rd quarter worth approximately $303,000. Allspring Global Investments Holdings LLC grew its holdings in The PNC Financial Services Group by 32.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 236,691 shares of the financial services provider's stock worth $52,250,000 after acquiring an additional 57,491 shares during the last quarter. Finally, University of Texas Texas AM Investment Management Co. grew its holdings in The PNC Financial Services Group by 34.3% during the 3rd quarter. University of Texas Texas AM Investment Management Co. now owns 8,570 shares of the financial services provider's stock worth $1,905,000 after acquiring an additional 2,188 shares during the last quarter. Institutional investors own 83.53% of the company's stock.

Insiders Place Their Bets

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 stock was sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president directly owned 18,800 shares of the company's stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on PNC shares. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $270.00 to $285.00 and gave the company an "overweight" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lowered shares of The PNC Financial Services Group from a "buy" rating to a "hold" rating and lifted their price target for the stock from $230.00 to $265.00 in a report on Thursday, July 23rd. Robert W. Baird boosted their price objective on shares of The PNC Financial Services Group from $250.00 to $280.00 and gave the stock an "outperform" rating in a research note on Thursday, July 16th. Barclays raised their target price on The PNC Financial Services Group from $277.00 to $284.00 and gave the stock an "overweight" rating in a research report on Thursday, July 16th. Finally, TD Cowen lowered 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 report on Friday, October 16th. Seventeen equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $266.04.

The PNC Financial Services Group Stock Up 2.7%

Shares of NYSE PNC opened at $231.52 on Tuesday. The company has a market capitalization of $91.86 billion, a P/E ratio of 12.32, a price-to-earnings-growth ratio of 1.21 and a beta of 0.92. The PNC Financial Services Group, Inc has a 52-week low of $177.08 and a 52-week high of $258.96. The company has a debt-to-equity ratio of 1.28, a quick ratio of 0.83 and a current ratio of 0.84. The company's 50 day moving average price is $228.37 and its 200-day moving average price is $229.23.

The PNC Financial Services Group (NYSE:PNC - Get Free Report) last posted its quarterly earnings data on Thursday, October 15th. The financial services provider reported $5.09 EPS for the quarter, beating 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 company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.61 billion. During the same period in the prior year, the firm posted $4.35 EPS. The company's quarterly revenue was up 10.9% on a year-over-year basis. Equities analysts forecast that The PNC Financial Services Group, Inc will post 19.24 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 5th. Shareholders of record on Wednesday, October 14th were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Wednesday, October 14th. The PNC Financial Services Group's dividend payout ratio (DPR) is presently 42.58%.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania. It serves consumers, small businesses, corporations, government entities and institutional clients through a range of banking and financial services.

PNC's businesses include retail banking, corporate and institutional banking, and asset management. Its offerings include deposit accounts, lending, cash management, treasury services, investment and wealth management, and other financial products and services.

The company traces its history to 1852 and took its current name following the 1983 merger of Pittsburgh National Corporation and Provident National Corporation.

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