Clearbridge Investments LLC Reduces Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Clearbridge Investments LLC lowered its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,533,728 shares of the financial services provider’s stock after selling 32,497 shares during the quarter. Clearbridge Investments LLC owned about 0.39% of The PNC Financial Services Group worth $238,464,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PNC. Capital International Investors increased its stake in The PNC Financial Services Group by 14.4% in the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock worth $2,437,361,000 after purchasing an additional 1,978,854 shares during the period. Capital Research Global Investors lifted its holdings in The PNC Financial Services Group by 19.5% during the 4th quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after buying an additional 778,264 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its position in The PNC Financial Services Group by 4,040.9% in the 4th 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 buying an additional 396,252 shares during the period. Jennison Associates LLC grew its stake in 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 worth $169,891,000 after acquiring an additional 291,769 shares in the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of The PNC Financial Services Group by 24.1% during the second quarter. Hsbc Holdings PLC now owns 1,351,548 shares of the financial services provider’s stock worth $209,962,000 after acquiring an additional 262,654 shares during the period. Institutional investors own 83.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PNC. Jefferies Financial Group increased their price objective on The PNC Financial Services Group from $162.00 to $164.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Evercore ISI raised their price target on The PNC Financial Services Group from $184.00 to $200.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company upped their price objective on shares of The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” 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 target price for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 22nd. 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’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $176.90.

The PNC Financial Services Group Price Performance

Shares of PNC stock opened at $179.95 on Wednesday. The firm has a market capitalization of $71.60 billion, a price-to-earnings ratio of 15.11, a PEG ratio of 2.02 and a beta of 1.14. 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 stock’s 50-day simple moving average is $178.10 and its 200-day simple moving average is $164.65. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two 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 (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the prior year, the business posted $3.36 EPS. The PNC Financial Services Group’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities analysts forecast that The PNC Financial Services Group, Inc. will post 13.14 earnings per share for the current fiscal year.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 2,404 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total value of $384,640.00. Following the transaction, the chief executive officer now owns 564,637 shares in the company, valued at approximately $90,341,920. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, President Michael P. Lyons sold 11,000 shares of the business’s stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now directly 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 available at the SEC website. Also, CEO William S. Demchak sold 2,404 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the completion of the sale, the chief executive officer now directly owns 564,637 shares in the company, valued at $90,341,920. The disclosure for this sale can be found here. Insiders sold a total of 26,465 shares of company stock worth $4,681,565 over the last three months. 0.42% of the stock is currently owned by insiders.

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.