Westpac Banking Corp decreased its stake in PNC Financial Services Group, Inc. (The) (NYSE:PNC) by 93.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,567 shares of the financial services provider’s stock after selling 450,122 shares during the period. Westpac Banking Corp’s holdings in PNC Financial Services Group, Inc. (The) were worth $3,817,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Ropes Wealth Advisors LLC grew its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the 1st quarter. Ropes Wealth Advisors LLC now owns 1,849 shares of the financial services provider’s stock valued at $222,000 after acquiring an additional 8 shares in the last quarter. Guardian Life Insurance Co. of America grew its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the 1st quarter. Guardian Life Insurance Co. of America now owns 1,876 shares of the financial services provider’s stock valued at $226,000 after acquiring an additional 8 shares in the last quarter. Hudock Capital Group LLC grew its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the 2nd quarter. Hudock Capital Group LLC now owns 2,692 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 11 shares in the last quarter. Telemus Capital LLC grew its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.3% in the 2nd quarter. Telemus Capital LLC now owns 4,981 shares of the financial services provider’s stock valued at $622,000 after acquiring an additional 16 shares in the last quarter. Finally, Green Square Capital LLC grew its holdings in shares of PNC Financial Services Group, Inc. (The) by 0.4% in the 1st quarter. Green Square Capital LLC now owns 4,129 shares of the financial services provider’s stock valued at $496,000 after acquiring an additional 18 shares in the last quarter. Institutional investors own 80.80% of the company’s stock.

Shares of PNC Financial Services Group, Inc. (NYSE:PNC) opened at 133.35 on Friday. The stock has a 50 day moving average of $127.83 and a 200-day moving average of $123.75. PNC Financial Services Group, Inc. has a 52-week low of $87.04 and a 52-week high of $134.30. The firm has a market capitalization of $63.90 billion, a P/E ratio of 16.97 and a beta of 0.93.

PNC Financial Services Group, Inc. (The) (NYSE:PNC) last released its earnings results on Friday, July 14th. The financial services provider reported $2.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.02 by $0.08. The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $3.97 billion. PNC Financial Services Group, Inc. (The) had a net margin of 24.50% and a return on equity of 9.17%. The company’s revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.82 EPS. Equities analysts expect that PNC Financial Services Group, Inc. will post $8.41 earnings per share for the current fiscal year.

PNC Financial Services Group, Inc. (The) declared that its board has approved a stock buyback program 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 shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

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PNC has been the subject of several analyst reports. Zacks Investment Research cut PNC Financial Services Group, Inc. (The) from a “buy” rating to a “hold” rating in a report on Tuesday, September 12th. Instinet reduced their price target on PNC Financial Services Group, Inc. (The) from $127.00 to $126.00 and set a “neutral” rating for the company in a report on Friday, June 30th. BidaskClub upgraded PNC Financial Services Group, Inc. (The) from a “hold” rating to a “buy” rating in a report on Wednesday, June 14th. BMO Capital Markets reiterated a “buy” rating and set a $134.00 price target on shares of PNC Financial Services Group, Inc. (The) in a report on Friday, June 23rd. Finally, Wells Fargo & Company began coverage on PNC Financial Services Group, Inc. (The) in a report on Wednesday, August 9th. They set a “market perform” rating and a $119.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, nine have given a buy rating and one has given a strong buy rating to the company. PNC Financial Services Group, Inc. (The) currently has a consensus rating of “Hold” and an average target price of $124.32.

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

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.

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

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