Wright Investors Service Inc. Sells 3,962 Shares of The PNC Financial Services Group, Inc. (NYSE:PNC)

Wright Investors Service Inc. lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 28.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,906 shares of the financial services provider’s stock after selling 3,962 shares during the quarter. Wright Investors Service Inc.’s holdings in The PNC Financial Services Group were worth $1,831,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of PNC. Jennison Associates LLC increased its stake in shares of The PNC Financial Services Group by 38.4% in the 1st quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after acquiring an additional 291,769 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of The PNC Financial Services Group by 152.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock valued at $71,163,000 after acquiring an additional 276,200 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of The PNC Financial Services Group by 24.1% in the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock valued at $209,962,000 after acquiring an additional 262,654 shares in the last quarter. Marshall Wace LLP increased its stake in shares of The PNC Financial Services Group by 5,419.9% in the 2nd quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after acquiring an additional 254,356 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of The PNC Financial Services Group by 6.8% in the 2nd quarter. Legal & General Group Plc now owns 3,500,984 shares of the financial services provider’s stock valued at $544,335,000 after acquiring an additional 223,955 shares in the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, CEO William S. Demchak sold 2,404 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $160.00, for a total value of $384,640.00. Following the sale, the chief executive officer now directly owns 564,637 shares in the company, valued at approximately $90,341,920. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total value of $384,640.00. Following the sale, the chief executive officer now owns 564,637 shares in the company, valued at approximately $90,341,920. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,824 shares of company stock valued at $4,580,223. 0.42% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

PNC has been the subject of several research analyst reports. UBS Group lifted their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Evercore ISI lifted their price target on shares of The PNC Financial Services Group from $203.00 to $212.00 and gave the company an “outperform” rating in a research report on Wednesday. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Royal Bank of Canada lifted their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. Finally, Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Hold” and an average target price of $177.65.

The PNC Financial Services Group Stock Performance

Shares of NYSE:PNC traded up $3.87 during midday trading on Friday, reaching $182.26. The company had a trading volume of 1,103,791 shares, compared to its average volume of 1,864,656. The company’s 50 day moving average price is $178.13 and its 200 day moving average price is $165.18. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a market cap of $72.52 billion, a P/E ratio of 15.30, a P/E/G ratio of 2.01 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $187.78.

The PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.36 EPS. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th will be issued a $1.60 dividend. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date is Wednesday, October 16th. The PNC Financial Services Group’s dividend payout ratio (DPR) 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.