Kayne Anderson Rudnick Investment Management LLC Lowers Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Kayne Anderson Rudnick Investment Management LLC reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 237,467 shares of the financial services provider’s stock after selling 4,864 shares during the period. Kayne Anderson Rudnick Investment Management LLC’s holdings in The PNC Financial Services Group were worth $36,921,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Bank & Trust Co acquired a new stake in shares of The PNC Financial Services Group during the second quarter valued at about $26,000. ORG Partners LLC boosted its position in shares of The PNC Financial Services Group by 203.7% during 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 during the period. LRI Investments LLC acquired a new stake in The PNC Financial Services Group in the 1st quarter valued at approximately $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group in the first quarter valued at approximately $29,000. Finally, Core Wealth Advisors Inc. acquired a new position in The PNC Financial Services Group during the fourth quarter worth $31,000. Institutional investors and hedge funds own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Down 0.4 %

The PNC Financial Services Group stock opened at $186.36 on Friday. The stock has a market cap of $74.08 billion, a PE ratio of 15.65, a P/E/G ratio of 2.00 and a beta of 1.14. The company has a debt-to-equity ratio of 1.36, a current ratio of 0.83 and a quick ratio of 0.82. The stock’s fifty day moving average is $177.11 and its two-hundred day moving average is $162.96. The PNC Financial Services Group, Inc. has a 1-year low of $109.40 and a 1-year high of $187.78.

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 for the quarter, topping the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion during 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 revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.36 earnings per share. On average, sell-side 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 announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were issued a $1.60 dividend. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.43%. The PNC Financial Services Group’s dividend payout ratio is presently 53.74%.

Analyst Ratings Changes

PNC has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. Morgan Stanley lifted their target price on The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a research report on Tuesday, July 30th. 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 report on Wednesday, July 17th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Finally, Compass Point lowered shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $176.90.

Insider Buying and Selling

In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of the company’s stock in a transaction 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 owns 199,095 shares in the company, valued at $36,151,670.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other The PNC Financial Services Group news, President Michael P. Lyons sold 11,000 shares of The PNC Financial Services Group stock in a transaction that occurred on 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 transaction, the president now owns 199,095 shares of the company’s stock, valued at $36,151,670.10. 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 stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the sale, the chief executive officer now directly owns 567,682 shares of the company’s stock, valued at $86,900,760.56. The disclosure for this sale can be found here. Insiders have sold 24,622 shares of company stock worth $4,319,914 in the last ninety days. 0.42% of the stock is owned by corporate 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.