Citigroup Inc. Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Citigroup Inc. lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.1% in the third quarter, HoldingsChannel.com reports. The firm owned 859,518 shares of the financial services provider’s stock after selling 36,831 shares during the quarter. Citigroup Inc.’s holdings in The PNC Financial Services Group were worth $158,882,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in PNC. Raymond James Trust N.A. grew its stake in shares of The PNC Financial Services Group by 1.3% in the third quarter. Raymond James Trust N.A. now owns 40,694 shares of the financial services provider’s stock worth $7,522,000 after purchasing an additional 530 shares during the last quarter. Eagle Asset Management Inc. lifted its holdings in The PNC Financial Services Group by 0.6% in the 3rd quarter. Eagle Asset Management Inc. now owns 1,044,283 shares of the financial services provider’s stock worth $213,003,000 after buying an additional 5,780 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of The PNC Financial Services Group by 0.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,440,098 shares of the financial services provider’s stock worth $451,052,000 after buying an additional 6,438 shares during the last quarter. LPL Financial LLC increased its stake in shares of The PNC Financial Services Group by 5.2% during the third quarter. LPL Financial LLC now owns 628,897 shares of the financial services provider’s stock valued at $116,252,000 after buying an additional 31,318 shares during the period. Finally, Cornerstone Advisors LLC raised its holdings in shares of The PNC Financial Services Group by 1.5% during the third quarter. Cornerstone Advisors LLC now owns 20,200 shares of the financial services provider’s stock valued at $3,734,000 after acquiring an additional 300 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

PNC has been the topic of several recent analyst reports. The Goldman Sachs Group cut their price target on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their target price for the company from $185.00 to $200.00 in a research note on Thursday, August 15th. Stephens increased their price target on shares of The PNC Financial Services Group from $185.00 to $200.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 16th. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, Wells Fargo & Company increased their target price on The PNC Financial Services Group from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Two equities research 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 MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $186.96.

The PNC Financial Services Group Trading Up 2.1 %

NYSE PNC opened at $210.07 on Friday. The PNC Financial Services Group, Inc. has a 12 month low of $127.15 and a 12 month high of $214.19. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 1.22. The stock’s fifty day moving average price is $191.01 and its 200-day moving average price is $174.58. The stock has a market cap of $83.35 billion, a P/E ratio of 17.76, a P/E/G ratio of 2.15 and a beta of 1.13.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 earnings per share for the quarter, beating analysts’ consensus estimates of $3.30 by $0.19. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $5.39 billion. The PNC Financial Services Group had a net margin of 14.97% and a return on equity of 10.88%. The PNC Financial Services Group’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the business earned $3.60 EPS. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.45 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were issued a $1.60 dividend. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a yield of 3.05%. The PNC Financial Services Group’s payout ratio is currently 54.10%.

Insider Activity at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 1,242 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $183.17, for a total value of $227,497.14. Following the completion of the sale, the chief executive officer now directly owns 554,701 shares in the company, valued at $101,604,582.17. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martin Pfinsgraff sold 859 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $186.12, for a total transaction of $159,877.08. Following the transaction, the director now owns 915 shares in the company, valued at approximately $170,299.80. This trade represents a 48.42 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,546 shares of company stock valued at $5,317,200. 0.42% of the stock is owned by corporate insiders.

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.