Mill Creek Capital Advisors LLC Lowers Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Mill Creek Capital Advisors LLC lessened its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 6.1% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,509 shares of the financial services provider’s stock after selling 98 shares during the quarter. Mill Creek Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $235,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PNC. Capital International Investors increased its holdings in shares of The PNC Financial Services Group by 14.4% during the 4th quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares in the last quarter. Capital Research Global Investors raised its position in shares of The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock worth $738,039,000 after acquiring an additional 778,264 shares during the period. Public Employees Retirement Association of Colorado boosted its stake in shares of The PNC Financial Services Group by 4,040.9% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock worth $62,878,000 after acquiring an additional 396,252 shares in the last quarter. Jennison Associates LLC grew its position in shares of The PNC Financial Services Group by 38.4% during 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 during the period. Finally, 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 purchasing an additional 262,654 shares in the last quarter. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $186.45, for a total value of $231,570.90. Following the sale, the chief executive officer now directly owns 550,975 shares in the company, valued at approximately $102,729,288.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related 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 shares were sold at an average price of $181.58, for a total value of $1,997,380.00. Following the completion of the sale, the president now owns 199,095 shares in the company, valued at approximately $36,151,670.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $186.45, for a total value of $231,570.90. Following the transaction, the chief executive officer now owns 550,975 shares in the company, valued at $102,729,288.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,864 shares of company stock worth $4,551,485. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Trading Down 0.3 %

Shares of PNC stock opened at $184.62 on Wednesday. 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 PNC Financial Services Group, Inc. has a twelve month low of $109.40 and a twelve month high of $187.78. The company’s 50-day moving average price is $177.58 and its 200-day moving average price is $163.53. The stock has a market cap of $73.39 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 2.03 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results 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 business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations 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 business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $3.36 EPS. As a group, equities analysts predict that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current year.

The PNC Financial Services Group Increases Dividend

The firm 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. This represents a $6.40 annualized dividend and a dividend yield of 3.47%. 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 53.74%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Bank of America upgraded The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Compass Point cut shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. The Goldman Sachs Group decreased their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating on the stock in a report on Wednesday, September 11th. Royal Bank of Canada lifted their target price 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, Wells Fargo & Company raised their price target on shares of 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. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $176.90.

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.