The Manufacturers Life Insurance Company Cuts Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

The Manufacturers Life Insurance Company lowered its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 418,526 shares of the financial services provider’s stock after selling 19,910 shares during the period. The Manufacturers Life Insurance Company’s holdings in The PNC Financial Services Group were worth $65,072,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital International Investors boosted its stake 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 worth $2,437,361,000 after acquiring an additional 1,978,854 shares in the last quarter. Capital Research Global Investors boosted its position in The PNC Financial Services Group by 19.5% during 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 purchasing an additional 778,264 shares in the last quarter. Public Employees Retirement Association of Colorado grew its holdings in The PNC Financial Services Group by 4,040.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 406,058 shares of the financial services provider’s stock valued at $62,878,000 after purchasing an additional 396,252 shares during the last quarter. Jennison Associates LLC increased its position in shares of The PNC Financial Services Group by 38.4% in the first quarter. Jennison Associates LLC now owns 1,051,307 shares of the financial services provider’s stock valued at $169,891,000 after buying an additional 291,769 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of The PNC Financial Services Group by 24.1% during the 2nd quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after buying an additional 262,654 shares during the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PNC has been the topic of a number of research reports. Citigroup increased their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Bank of America raised shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $185.00 to $200.00 in a research note on Thursday, August 15th. UBS Group upped their target price on 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. Royal Bank of Canada raised their price target 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. Finally, Barclays upped their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research report 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $176.90.

The PNC Financial Services Group Price Performance

The PNC Financial Services Group stock opened at $183.07 on Friday. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $187.78. 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 firm has a 50 day moving average price of $177.92 and a 200 day moving average price of $164.10. The company has a market cap of $72.77 billion, a price-to-earnings ratio of 15.37, a PEG ratio of 2.02 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 EPS for the quarter, topping 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 business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.40 billion. During the same period in the prior year, the firm posted $3.36 EPS. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. Sell-side 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 company also recently disclosed a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a $1.60 dividend. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s payout ratio is currently 53.74%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $158.10, for a total value of $101,342.10. Following the transaction, the chief executive officer now owns 567,041 shares in the company, valued at $89,649,182.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $167.50, for a total value of $208,035.00. Following the completion of the sale, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction dated Friday, July 5th. The stock was sold at an average price of $158.10, for a total value of $101,342.10. Following the transaction, the chief executive officer now owns 567,041 shares in the company, valued at approximately $89,649,182.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,223 shares of company stock worth $4,453,360. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Company 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.