Canal Capital Management LLC Sells 1,438 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Canal Capital Management LLC reduced its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 17.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 7,022 shares of the financial services provider’s stock after selling 1,438 shares during the quarter. Canal Capital Management LLC’s holdings in The PNC Financial Services Group were worth $1,092,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in PNC. Bank & Trust Co purchased a new stake in The PNC Financial Services Group in the second quarter worth $26,000. ORG Partners LLC raised its holdings in The PNC Financial Services Group by 203.7% in the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 110 shares in the last quarter. LRI Investments LLC purchased a new stake in shares of The PNC Financial Services Group in the 1st quarter worth about $28,000. Palisade Asset Management LLC bought a new stake in shares of The PNC Financial Services Group during the 1st quarter valued at about $29,000. Finally, Core Wealth Advisors Inc. purchased a new position in shares of The PNC Financial Services Group during the fourth quarter valued at about $31,000. 83.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on PNC shares. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company lifted their price target on 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. Jefferies Financial Group increased their price objective on 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. Morgan Stanley boosted their target price on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Finally, Citigroup increased their price target on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $177.02.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the sale, the chief executive officer now owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,021 shares of company stock worth $4,190,611. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Trading Up 1.1 %

Shares of NYSE PNC opened at $185.09 on Friday. The company has a market cap of $73.57 billion, a PE ratio of 15.54, a P/E/G ratio of 2.05 and a beta of 1.15. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The firm’s 50 day moving average price is $170.16 and its 200-day moving average price is $159.35. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $185.57.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data 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 for 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 quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $3.36 EPS. On average, equities research analysts expect that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a $1.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.46%. The PNC Financial Services Group’s payout ratio is currently 53.74%.

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.