Valley National Advisers Inc. Sells 357 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Valley National Advisers Inc. reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 14.5% in the first quarter, Holdings Channel.com reports. The fund owned 2,110 shares of the financial services provider’s stock after selling 357 shares during the quarter. Valley National Advisers Inc.’s holdings in The PNC Financial Services Group were worth $340,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in The PNC Financial Services Group by 144.2% during the third quarter. AQR Capital Management LLC now owns 114,296 shares of the financial services provider’s stock valued at $14,032,000 after purchasing an additional 67,490 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in shares of The PNC Financial Services Group by 237.5% during the 3rd quarter. Axxcess Wealth Management LLC now owns 12,994 shares of the financial services provider’s stock worth $1,595,000 after acquiring an additional 9,144 shares during the last quarter. Alps Advisors Inc. bought a new position in The PNC Financial Services Group in the third quarter valued at $351,000. Legacy Advisors LLC increased its stake in The PNC Financial Services Group by 0.8% in the third quarter. Legacy Advisors LLC now owns 10,902 shares of the financial services provider’s stock valued at $1,338,000 after acquiring an additional 84 shares during the last quarter. Finally, Lake Street Advisors Group LLC increased its stake in The PNC Financial Services Group by 1.2% in the third quarter. Lake Street Advisors Group LLC now owns 11,139 shares of the financial services provider’s stock valued at $1,368,000 after acquiring an additional 134 shares during the last quarter. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Performance

Shares of PNC stock opened at $157.84 on Thursday. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 1.42. The stock has a fifty day moving average of $155.21 and a 200 day moving average of $153.02. The firm has a market capitalization of $62.81 billion, a price-to-earnings ratio of 13.25, a PEG ratio of 2.26 and a beta of 1.15. The PNC Financial Services Group, Inc. has a 52 week low of $109.40 and a 52 week high of $162.24.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.09 by $0.01. The company had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The PNC Financial Services Group’s quarterly revenue was down 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.98 earnings per share. As a group, research analysts expect that The PNC Financial Services Group, Inc. will post 12.65 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Investors of record on Monday, July 15th will be paid a $1.60 dividend. The ex-dividend date is Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 4.05%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is presently 52.06%.

Insider Activity at The PNC Financial Services Group

In other The PNC Financial Services Group news, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the sale, the executive vice president now directly owns 3,502 shares of the company’s stock, valued at $545,856.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Richard Kevin Bynum sold 850 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $155.87, for a total transaction of $132,489.50. Following the sale, the executive vice president now owns 3,502 shares in the company, valued at $545,856.74. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the transaction, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The disclosure for this sale can be found here. Insiders sold a total of 2,132 shares of company stock valued at $328,809 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PNC. StockNews.com raised The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. JPMorgan Chase & Co. reduced their target price on shares of The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a report on Wednesday, May 1st. Bank of America boosted their price target on shares of The PNC Financial Services Group from $165.00 to $168.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 17th. Finally, The Goldman Sachs Group raised their price objective on The PNC Financial Services Group from $151.00 to $168.00 and gave the company a “neutral” rating in a research note on Monday, April 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $158.56.

About The PNC Financial Services Group

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.