William S. Demchak Sells 1,242 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC) Stock

by · The Markets Daily

The PNC Financial Services Group, Inc. (NYSE:PNC – Get Free Report) CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $181.35, for a total value of $225,236.70. Following the sale, the chief executive officer now owns 548,491 shares of the company’s stock, valued at approximately $99,468,842.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $180.82 on Wednesday. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The stock’s fifty day simple moving average is $178.16 and its 200 day simple moving average is $165.43. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $187.78. The firm has a market cap of $71.95 billion, a price-to-earnings ratio of 15.18, a P/E/G ratio of 1.97 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC – Get Free Report) last posted its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter last year, the business posted $3.36 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, analysts expect that The PNC Financial Services Group, Inc. will post 13.15 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be paid a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Jennison Associates LLC raised its position in shares of The PNC Financial Services Group by 38.4% during the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after acquiring an additional 291,769 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after buying an additional 276,200 shares during the period. Hsbc Holdings PLC increased its position in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after buying an additional 262,654 shares in the last quarter. Marshall Wace LLP raised its stake in The PNC Financial Services Group by 5,419.9% during the 2nd quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock worth $40,277,000 after buying an additional 254,356 shares during the period. Finally, Legal & General Group Plc lifted its holdings in The PNC Financial Services Group by 6.8% during the second quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock worth $544,335,000 after acquiring an additional 223,955 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PNC. Royal Bank of Canada increased their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Citigroup lifted their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Finally, Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, The PNC Financial Services Group presently has an average rating of “Hold” and a consensus price target of $177.65.

Read Our Latest Stock Report on The PNC Financial Services Group

About The PNC Financial Services Group

(Get Free Report)

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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