The PNC Financial Services Group, Inc. (NYSE:PNC) Shares Sold by Coldstream Capital Management Inc.

Coldstream Capital Management Inc. reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,027 shares of the financial services provider’s stock after selling 375 shares during the quarter. Coldstream Capital Management Inc.’s holdings in The PNC Financial Services Group were worth $1,093,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. ORG Partners LLC raised its holdings in shares of The PNC Financial Services Group by 203.7% in the second quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after buying an additional 110 shares during the last quarter. Bank & Trust Co acquired a new position in The PNC Financial Services Group in the 2nd quarter valued at about $26,000. LRI Investments LLC acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $28,000. Palisade Asset Management LLC acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $29,000. Finally, Fortis Group Advisors LLC increased its position in The PNC Financial Services Group by 100.0% in the 4th quarter. Fortis Group Advisors LLC now owns 200 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 100 shares during the period. 83.53% of the stock is currently owned by hedge funds and other institutional investors.

The PNC Financial Services Group Price Performance

PNC stock opened at $177.12 on Thursday. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84. 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 stock’s 50 day moving average price is $174.35 and its 200 day moving average price is $161.33. The firm has a market cap of $70.41 billion, a P/E ratio of 14.87, a PEG ratio of 1.96 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the company earned $3.36 EPS. The PNC Financial Services Group’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts expect 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 firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were paid a dividend of $1.60 per share. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.61%. The ex-dividend date was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PNC. Jefferies Financial Group boosted their price target on The PNC Financial Services Group from $162.00 to $164.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Royal Bank of Canada boosted their target price on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 17th. The Goldman Sachs Group dropped their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a research report on Wednesday. Finally, UBS Group boosted their target price on The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a research report on Wednesday, July 17th. Two 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, the company has a consensus rating of “Hold” and an average target price of $176.90.

Insiders Place Their Bets

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the 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 transaction, the chief executive officer now owns 568,323 shares of the company’s stock, valued at approximately $87,061,400.37. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO William S. Demchak sold 641 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The stock was 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 disclosure for this sale can be found here. Insiders have sold a total of 25,263 shares of company stock valued at $4,418,109 in the last quarter. 0.42% of the stock is currently owned by company insiders.

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.