The PNC Financial Services Group, Inc. (NYSE:PNC) Holdings Decreased by Mackenzie Financial Corp

Mackenzie Financial Corp lessened its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 5.3% during the second quarter, Holdings Channel.com reports. The fund owned 202,147 shares of the financial services provider’s stock after selling 11,349 shares during the period. Mackenzie Financial Corp’s holdings in The PNC Financial Services Group were worth $31,430,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PNC. Gilbert & Cook Inc. grew its stake in shares of The PNC Financial Services Group by 3.7% in the 4th quarter. Gilbert & Cook Inc. now owns 2,984 shares of the financial services provider’s stock worth $462,000 after purchasing an additional 107 shares during the last quarter. Gryphon Financial Partners LLC acquired a new position in The PNC Financial Services Group in the fourth quarter worth approximately $228,000. Steward Partners Investment Advisory LLC increased its holdings in shares of The PNC Financial Services Group by 9.6% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,364 shares of the financial services provider’s stock valued at $1,140,000 after buying an additional 645 shares in the last quarter. TD Asset Management Inc lifted its position in shares of The PNC Financial Services Group by 6.0% during the 4th quarter. TD Asset Management Inc now owns 172,924 shares of the financial services provider’s stock valued at $26,777,000 after acquiring an additional 9,839 shares during the last quarter. Finally, Qtron Investments LLC boosted its stake in shares of The PNC Financial Services Group by 32.5% during the 4th quarter. Qtron Investments LLC now owns 3,903 shares of the financial services provider’s stock worth $604,000 after acquiring an additional 958 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PNC. Citigroup boosted their target price on 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. Barclays boosted their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the stock an “overweight” rating in a report on Wednesday, July 17th. 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 stock an “outperform” rating in a research report on Wednesday, July 17th. UBS Group upped their price target on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Two investment 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $176.90.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $183.07 on Friday. The firm has a market cap of $72.77 billion, a price-to-earnings ratio of 15.37, a P/E/G ratio of 2.02 and a beta of 1.14. 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 current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The business has a fifty day simple moving average of $177.92 and a 200 day simple moving average of $164.10.

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, topping analysts’ consensus estimates of $3.00 by $0.30. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate 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 business’s quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the business earned $3.36 EPS. As a group, sell-side analysts predict that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current fiscal 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 given a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.50%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. 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 company’s stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 567,041 shares in the company, valued at $89,649,182.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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 directly owns 567,041 shares of the company’s stock, valued at approximately $89,649,182.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $90,341,920. The disclosure for this sale can be found here. Insiders have sold a total of 25,223 shares of company stock worth $4,453,360 in the last 90 days. 0.42% of the stock is owned by 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.