Sigma Planning Corp Decreases Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Sigma Planning Corp lowered its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.6% in the 3rd quarter, Holdings Channel reports. The firm owned 4,287 shares of the financial services provider’s stock after selling 355 shares during the period. Sigma Planning Corp’s holdings in The PNC Financial Services Group were worth $793,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC grew its holdings in shares of The PNC Financial Services Group by 12,940.0% in the third quarter. International Assets Investment Management LLC now owns 536,989 shares of the financial services provider’s stock worth $99,262,000 after acquiring an additional 532,871 shares during the period. Assenagon Asset Management S.A. grew its holdings in shares of The PNC Financial Services Group by 160.9% in the third quarter. Assenagon Asset Management S.A. now owns 702,384 shares of the financial services provider’s stock worth $129,836,000 after acquiring an additional 433,178 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of The PNC Financial Services Group by 152.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 457,700 shares of the financial services provider’s stock worth $71,163,000 after acquiring an additional 276,200 shares during the period. Hsbc Holdings PLC grew its holdings in shares of The PNC Financial Services Group by 24.1% in 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. Finally, Marshall Wace LLP grew its holdings in shares of The PNC Financial Services Group by 5,419.9% in the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock worth $40,277,000 after acquiring an additional 254,356 shares during the period. Hedge funds and other institutional investors own 83.53% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on PNC. Royal Bank of Canada lifted their price objective on The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $180.00 to $182.00 and gave the stock an “underperform” rating in a report on Wednesday, October 16th. Citigroup lifted their price objective on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Barclays boosted their price target on The PNC Financial Services Group from $209.00 to $229.00 and gave the company an “overweight” rating in a report on Wednesday, October 16th. Finally, Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $185.71.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $171.80, for a total transaction of $213,375.60. Following the completion of the transaction, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Andrew T. Feldstein sold 14,509 shares of the stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $210.09, for a total transaction of $3,048,195.81. Following the completion of the transaction, the director now directly owns 38,649 shares of the company’s stock, valued at approximately $8,119,768.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $171.80, for a total value of $213,375.60. Following the transaction, the chief executive officer now directly owns 557,185 shares of the company’s stock, valued at approximately $95,724,383. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,788 shares of company stock valued at $5,490,869. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of The PNC Financial Services Group stock opened at $209.27 on Thursday. The stock’s 50-day simple moving average is $186.55 and its 200-day simple moving average is $171.93. The PNC Financial Services Group, Inc. has a 52 week low of $122.75 and a 52 week high of $214.19. The company has a market capitalization of $83.03 billion, a price-to-earnings ratio of 17.69, a PEG ratio of 2.23 and a beta of 1.13. The company has a quick ratio of 0.81, a current ratio of 0.81 and a debt-to-equity ratio of 1.22.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $3.49 EPS for the quarter, beating the consensus estimate of $3.30 by $0.19. The PNC Financial Services Group had a return on equity of 10.88% and a net margin of 14.97%. The business had revenue of $5.43 billion for the quarter, compared to the consensus estimate of $5.39 billion. During the same period in the previous year, the business earned $3.60 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. As a group, analysts expect that The PNC Financial Services Group, Inc. will post 13.41 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 5th. Investors of record on Wednesday, October 16th were given a $1.60 dividend. The ex-dividend date was Wednesday, October 16th. This represents a $6.40 dividend on an annualized basis and a dividend yield of 3.06%. The PNC Financial Services Group’s dividend payout ratio is currently 54.10%.

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.