Abbrea Capital LLC Has $761,000 Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Abbrea Capital LLC lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,896 shares of the financial services provider’s stock after selling 300 shares during the quarter. Abbrea Capital LLC’s holdings in The PNC Financial Services Group were worth $761,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PNC. Gilbert & Cook Inc. increased its position in shares of The PNC Financial Services Group by 3.7% in the fourth quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider’s stock valued at $462,000 after acquiring an additional 107 shares during the last quarter. Gryphon Financial Partners LLC acquired a new stake in shares of The PNC Financial Services Group in the fourth quarter valued at about $228,000. Quotient Wealth Partners LLC bought a new position in The PNC Financial Services Group during the fourth quarter worth about $206,000. Westpac Banking Corp grew its holdings in The PNC Financial Services Group by 11.8% during the fourth quarter. Westpac Banking Corp now owns 2,857 shares of the financial services provider’s stock worth $442,000 after purchasing an additional 301 shares during the period. Finally, Quadrant Capital Group LLC grew its holdings in The PNC Financial Services Group by 3.4% during the fourth quarter. Quadrant Capital Group LLC now owns 6,094 shares of the financial services provider’s stock worth $944,000 after purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Wall Street Analyst Weigh In

PNC has been the subject of a number of research analyst reports. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Evercore ISI lifted their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Citigroup lifted their price target on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. UBS Group lifted their price target on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, Barclays lifted their price target on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $176.90.

The PNC Financial Services Group Trading Up 0.3 %

Shares of PNC stock opened at $177.60 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a market cap of $70.60 billion, a P/E ratio of 14.91, a price-to-earnings-growth ratio of 1.96 and a beta of 1.14. The stock has a 50 day simple moving average of $174.75 and a 200 day simple moving average of $161.44. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.00 by $0.30. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $3.36 earnings per share. On average, research analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were given a dividend of $1.60 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.60%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the completion of the transaction, the chief executive officer now directly owns 564,637 shares in the company, valued at $90,341,920. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders sold a total of 25,263 shares of company stock worth $4,418,109 over the last three months. Corporate insiders own 0.42% of the company’s stock.

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.