Oppenheimer & Co. Inc. Decreases Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Oppenheimer & Co. Inc. lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.4% during the second quarter, Holdings Channel.com reports. The firm owned 12,123 shares of the financial services provider’s stock after selling 296 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in The PNC Financial Services Group were worth $1,885,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Equity Investment Corp boosted its stake in shares of The PNC Financial Services Group by 0.9% during the 2nd quarter. Equity Investment Corp now owns 688,379 shares of the financial services provider’s stock valued at $107,029,000 after purchasing an additional 5,847 shares in the last quarter. D Orazio & Associates Inc. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $217,000. Altman Advisors Inc. boosted its stake in shares of The PNC Financial Services Group by 1.8% during the 2nd quarter. Altman Advisors Inc. now owns 10,450 shares of the financial services provider’s stock valued at $1,625,000 after purchasing an additional 182 shares in the last quarter. Y.D. More Investments Ltd bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $33,000. Finally, Jupiter Asset Management Ltd. bought a new stake in shares of The PNC Financial Services Group during the 2nd quarter valued at about $11,471,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

PNC has been the topic of a number of research reports. Morgan Stanley lifted 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 research note on Tuesday, July 30th. Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. Evercore ISI boosted their price objective on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company boosted their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, StockNews.com raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Wednesday, May 29th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $176.90.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on 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 directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction that occurred on 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 directly owns 568,323 shares of the company’s stock, valued at $87,061,400.37. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $183.17, for a total transaction of $227,497.14. Following the completion of the transaction, the chief executive officer now owns 554,701 shares of the company’s stock, valued at $101,604,582.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,263 shares of company stock valued at $4,418,109. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Stock Up 2.1 %

PNC opened at $180.98 on Tuesday. 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 firm has a 50 day moving average price of $175.61 and a 200-day moving average price of $162.13. The PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84. The stock has a market capitalization of $71.94 billion, a price-to-earnings ratio of 15.20, a PEG ratio of 1.97 and a beta of 1.14.

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 for the quarter, beating the consensus estimate of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the company earned $3.36 earnings per share. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This is a boost 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 yield of 3.54%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

The PNC Financial Services Group 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.