Bessemer Group Inc. reduced its stake in PNC Financial Services Group Inc (NYSE:PNC) by 10.2% in the third quarter, HoldingsChannel.com reports. The fund owned 51,671 shares of the financial services provider’s stock after selling 5,844 shares during the quarter. Bessemer Group Inc.’s holdings in PNC Financial Services Group were worth $7,037,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently modified their holdings of the business. Jennison Associates LLC boosted its stake in PNC Financial Services Group by 5.7% in the second quarter. Jennison Associates LLC now owns 6,520,884 shares of the financial services provider’s stock valued at $880,971,000 after acquiring an additional 353,976 shares during the period. Schwab Charles Investment Management Inc. boosted its stake in PNC Financial Services Group by 1.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,960,617 shares of the financial services provider’s stock valued at $264,880,000 after acquiring an additional 23,938 shares during the period. Janus Henderson Group PLC boosted its stake in PNC Financial Services Group by 37.6% in the second quarter. Janus Henderson Group PLC now owns 1,603,307 shares of the financial services provider’s stock valued at $216,609,000 after acquiring an additional 437,808 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in PNC Financial Services Group by 4.6% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,505,695 shares of the financial services provider’s stock valued at $203,419,000 after acquiring an additional 66,364 shares during the period. Finally, Provident Trust Co. boosted its stake in PNC Financial Services Group by 2.9% in the third quarter. Provident Trust Co. now owns 1,365,131 shares of the financial services provider’s stock valued at $185,917,000 after acquiring an additional 38,183 shares during the period. Institutional investors own 80.29% of the company’s stock.

A number of equities analysts have commented on the company. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, November 1st. Morgan Stanley reduced their price objective on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research report on Monday, October 15th. Vining Sparks reiterated a “buy” rating and set a $160.00 price objective on shares of PNC Financial Services Group in a research report on Tuesday, October 9th. Deutsche Bank upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Finally, UBS Group set a $137.00 price objective on PNC Financial Services Group and gave the stock a “hold” rating in a research report on Monday, October 15th. Twelve analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $155.50.

Shares of NYSE PNC opened at $134.13 on Thursday. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.90 and a quick ratio of 0.89. The company has a market cap of $61.26 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 1.31 and a beta of 0.92. PNC Financial Services Group Inc has a 12-month low of $116.55 and a 12-month high of $163.59.

PNC Financial Services Group (NYSE:PNC) last released its earnings results on Friday, October 12th. The financial services provider reported $2.82 earnings per share for the quarter, topping analysts’ consensus estimates of $2.73 by $0.09. The firm had revenue of $4.36 billion during the quarter, compared to the consensus estimate of $4.32 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. During the same period in the prior year, the firm posted $2.16 earnings per share. On average, analysts predict that PNC Financial Services Group Inc will post 10.76 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 5th. Shareholders of record on Wednesday, October 17th were given a $0.95 dividend. The ex-dividend date was Tuesday, October 16th. This represents a $3.80 dividend on an annualized basis and a yield of 2.83%. PNC Financial Services Group’s dividend payout ratio (DPR) is 44.71%.

PNC Financial Services Group announced that its board has authorized a share repurchase program on Thursday, November 8th that permits the company to repurchase $900.00 million in shares. This repurchase authorization permits the financial services provider to purchase up to 1.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 24,710 shares of the company’s stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $140.49, for a total value of $3,471,507.90. Following the completion of the sale, the executive vice president now directly owns 131,020 shares in the company, valued at $18,406,999.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.38% of the company’s stock.

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About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, and investment and cash management services to consumer and small business customers through a network of branches, ATMs, call centers, and online banking and mobile channels.

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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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