Steadfast Capital Management LP cut its position in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 45.7% during the first quarter, Holdings Channel reports. The firm owned 586,298 shares of the financial services provider’s stock after selling 493,749 shares during the period. PNC Financial Services Group, Inc. (The) comprises approximately 1.4% of Steadfast Capital Management LP’s investment portfolio, making the stock its 29th largest position. Steadfast Capital Management LP’s holdings in PNC Financial Services Group, Inc. (The) were worth $70,496,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the company. First Interstate Bank raised its stake in PNC Financial Services Group, Inc. (The) by 34.0% in the first quarter. First Interstate Bank now owns 957 shares of the financial services provider’s stock worth $115,000 after buying an additional 243 shares during the period. Ledyard National Bank increased its position in shares of PNC Financial Services Group, Inc. (The) by 532.1% in the first quarter. Ledyard National Bank now owns 1,182 shares of the financial services provider’s stock worth $142,000 after buying an additional 995 shares in the last quarter. Pinnacle Bank purchased a new position in shares of PNC Financial Services Group, Inc. (The) during the first quarter worth approximately $157,000. Quadrant Capital Group LLC increased its position in shares of PNC Financial Services Group, Inc. (The) by 2.8% in the first quarter. Quadrant Capital Group LLC now owns 1,413 shares of the financial services provider’s stock worth $162,000 after buying an additional 39 shares in the last quarter. Finally, Jacobus Wealth Management Inc. increased its position in shares of PNC Financial Services Group, Inc. (The) by 3.7% in the first quarter. Jacobus Wealth Management Inc. now owns 1,494 shares of the financial services provider’s stock worth $180,000 after buying an additional 53 shares in the last quarter. 81.49% of the stock is owned by institutional investors.

Shares of PNC Financial Services Group, Inc. (NYSE PNC) traded down 0.691% during trading on Wednesday, reaching $131.445. 926,326 shares of the company traded hands. The company has a market capitalization of $63.09 billion, a price-to-earnings ratio of 16.728 and a beta of 0.93. PNC Financial Services Group, Inc. has a 1-year low of $84.60 and a 1-year high of $132.67. The stock’s 50 day moving average is $126.06 and its 200 day moving average is $122.79.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.97 billion. PNC Financial Services Group, Inc. (The) had a return on equity of 9.17% and a net margin of 24.50%. The business’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.82 earnings per share. On average, analysts forecast that PNC Financial Services Group, Inc. will post $8.38 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, August 7th. Investors of record on Monday, July 17th were paid a $0.75 dividend. This is a positive change from PNC Financial Services Group, Inc. (The)’s previous quarterly dividend of $0.55. This represents a $3.00 annualized dividend and a yield of 2.27%. The ex-dividend date was Thursday, July 13th. PNC Financial Services Group, Inc. (The)’s dividend payout ratio is presently 38.12%.

PNC Financial Services Group, Inc. (The) declared that its board has approved a stock buyback plan on Wednesday, June 28th that allows the company to repurchase $2.70 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

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A number of equities analysts have commented on the stock. Jefferies Group LLC reiterated a “hold” rating and issued a $136.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Thursday, June 8th. Rafferty Capital Markets downgraded shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating and set a $121.00 target price for the company. in a report on Monday, April 17th. Zacks Investment Research downgraded shares of PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $129.00 target price on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, July 14th. Finally, Nomura boosted their target price on shares of PNC Financial Services Group, Inc. (The) from $126.00 to $129.00 and gave the stock a “neutral” rating in a report on Monday, July 17th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. PNC Financial Services Group, Inc. (The) presently has an average rating of “Hold” and a consensus target price of $122.75.

In related news, insider Wyk Steven C. Van sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $128.31, for a total value of $641,550.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael J. Hannon sold 24,111 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $126.45, for a total value of $3,048,835.95. Following the completion of the transaction, the insider now owns 83,931 shares of the company’s stock, valued at $10,613,074.95. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.

About PNC Financial Services Group, Inc. (The)

The PNC Financial Services Group, Inc is a diversified financial services company. The Company has businesses engaged in retail banking, including residential mortgage, corporate and institutional banking and asset management. The Company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock.

Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group, Inc. (The) (NYSE:PNC).

Institutional Ownership by Quarter for PNC Financial Services Group, Inc. (The) (NYSE:PNC)

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