Matrix Asset Advisors Inc. NY Has $32.42 Million Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Matrix Asset Advisors Inc. NY cut its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 0.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 175,392 shares of the financial services provider’s stock after selling 1,318 shares during the quarter. The PNC Financial Services Group accounts for about 3.6% of Matrix Asset Advisors Inc. NY’s investment portfolio, making the stock its 5th largest holding. Matrix Asset Advisors Inc. NY’s holdings in The PNC Financial Services Group were worth $32,421,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in PNC. Brown Miller Wealth Management LLC bought a new stake in The PNC Financial Services Group during the third quarter valued at approximately $210,000. Ritholtz Wealth Management grew its position in The PNC Financial Services Group by 4.5% during the third quarter. Ritholtz Wealth Management now owns 23,697 shares of the financial services provider’s stock valued at $4,380,000 after buying an additional 1,010 shares during the period. Meyer Handelman Co. bought a new position in shares of The PNC Financial Services Group in the third quarter worth approximately $222,000. Valeo Financial Advisors LLC boosted its position in shares of The PNC Financial Services Group by 9.3% in the third quarter. Valeo Financial Advisors LLC now owns 6,563 shares of the financial services provider’s stock worth $1,213,000 after purchasing an additional 561 shares during the period. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its position in shares of The PNC Financial Services Group by 295.1% in the third quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 2,813 shares of the financial services provider’s stock worth $520,000 after purchasing an additional 2,101 shares during the period. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 17th. Jefferies Financial Group boosted their target price on shares of The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the stock an “underweight” rating in a report on Tuesday, July 30th. Finally, UBS Group upped their price target on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, The PNC Financial Services Group presently has a consensus rating of “Hold” and an average target price of $177.65.

The PNC Financial Services Group Trading Up 2.4 %

PNC stock opened at $187.77 on Friday. The firm’s fifty day simple moving average is $178.68 and its two-hundred day simple moving average is $166.16. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $74.71 billion, a price-to-earnings ratio of 15.77, a price-to-earnings-growth ratio of 2.01 and a beta of 1.14. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $189.17.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $3.36 earnings per share. As a group, analysts anticipate that The PNC Financial Services Group, Inc. will post 13.18 earnings per share for the current year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 5th. Shareholders of record on Wednesday, October 16th will be issued a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, October 16th. The PNC Financial Services Group’s payout ratio is 53.74%.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the transaction, the chief executive officer now directly owns 558,427 shares in the company, valued at $94,994,016.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $170.11, for a total transaction of $211,276.62. Following the completion of the sale, the chief executive officer now directly owns 558,427 shares of the company’s stock, valued at approximately $94,994,016.97. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Michael P. Lyons sold 11,000 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at approximately $36,151,670.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,420 shares of company stock worth $4,212,785 in the last three months. Corporate insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Company 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.