Abbrea Capital LLC Trims Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Abbrea Capital LLC reduced its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 2.9% in the 4th quarter, Holdings Channel reports. The firm owned 5,227 shares of the financial services provider’s stock after selling 155 shares during the quarter. Abbrea Capital LLC’s holdings in The PNC Financial Services Group were worth $809,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. FMR LLC lifted its holdings in shares of The PNC Financial Services Group by 6.7% in the third quarter. FMR LLC now owns 14,326,630 shares of the financial services provider’s stock valued at $1,758,880,000 after buying an additional 893,808 shares during the period. Invesco Ltd. boosted its holdings in shares of The PNC Financial Services Group by 10.4% during the 3rd quarter. Invesco Ltd. now owns 5,164,321 shares of the financial services provider’s stock worth $634,024,000 after buying an additional 484,475 shares during the period. Northern Trust Corp raised its stake in The PNC Financial Services Group by 2.0% during the 3rd quarter. Northern Trust Corp now owns 4,702,020 shares of the financial services provider’s stock valued at $577,267,000 after purchasing an additional 93,636 shares during the last quarter. Morgan Stanley raised its stake in shares of The PNC Financial Services Group by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,858,980 shares of the financial services provider’s stock valued at $473,767,000 after buying an additional 36,362 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of The PNC Financial Services Group by 2.5% in the 3rd quarter. Royal Bank of Canada now owns 3,327,229 shares of the financial services provider’s stock worth $408,485,000 after purchasing an additional 82,406 shares during the last quarter. Institutional investors and hedge funds own 83.53% of the company’s stock.

Insider Activity at The PNC Financial Services Group

In related news, EVP Michael J. Hannon sold 3,000 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $148.82, for a total transaction of $446,460.00. Following the completion of the sale, the executive vice president now owns 36,570 shares in the company, valued at approximately $5,442,347.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

PNC has been the subject of several analyst reports. Wells Fargo & Company lifted their price target on shares of The PNC Financial Services Group from $185.00 to $194.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Jefferies Financial Group dropped their target price on shares of The PNC Financial Services Group from $171.00 to $162.00 and set a “hold” rating on the stock in a report on Wednesday, April 17th. HSBC raised shares of The PNC Financial Services Group from a “reduce” rating to a “hold” rating and raised their target price for the stock from $141.00 to $155.00 in a report on Thursday, March 28th. The Goldman Sachs Group upped their target price on The PNC Financial Services Group from $151.00 to $168.00 and gave the stock a “neutral” rating in a report on Monday, April 1st. Finally, Morgan Stanley upped their price objective on shares of The PNC Financial Services Group from $142.00 to $158.00 and gave the stock an “underweight” rating in a research report on Tuesday, January 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, The PNC Financial Services Group has a consensus rating of “Hold” and a consensus price target of $156.63.

The PNC Financial Services Group Stock Performance

PNC traded down $1.76 on Thursday, reaching $156.30. 1,220,262 shares of the stock were exchanged, compared to its average volume of 2,126,792. The firm has a market capitalization of $62.18 billion, a PE ratio of 13.27, a PEG ratio of 1.78 and a beta of 1.18. The PNC Financial Services Group, Inc. has a fifty-two week low of $109.40 and a fifty-two week high of $162.24. The company’s 50-day moving average price is $152.48 and its 200 day moving average price is $142.88. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.85 and a quick ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $3.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $5.19 billion. The PNC Financial Services Group had a net margin of 16.05% and a return on equity of 11.64%. The firm’s revenue for the quarter was down 8.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.98 EPS. As a group, sell-side analysts forecast that The PNC Financial Services Group, Inc. will post 12.62 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Sunday, May 5th. Investors of record on Monday, April 15th will be given a $1.55 dividend. This represents a $6.20 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Friday, April 12th. The PNC Financial Services Group’s dividend payout ratio (DPR) is 52.06%.

About The PNC Financial Services Group

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.