Dimensional Fund Advisors LP Cuts Stake in The PNC Financial Services Group, Inc $PNC

Dimensional Fund Advisors LP reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 14.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,988,554 shares of the financial services provider’s stock after selling 337,248 shares during the quarter. Dimensional Fund Advisors LP owned about 0.51% of The PNC Financial Services Group worth $399,574,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of The PNC Financial Services Group by 12.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock worth $11,621,000 after buying an additional 6,572 shares during the last quarter. US Bancorp DE raised its holdings in shares of The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after buying an additional 34,009 shares during the period. Envestnet Asset Management Inc. increased its stake in The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock worth $369,169,000 after purchasing an additional 22,325 shares during the period. National Pension Service lifted its holdings in The PNC Financial Services Group by 2.5% during the 3rd quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after buying an additional 26,305 shares in the last quarter. Finally, Savant Capital LLC raised its stake in shares of The PNC Financial Services Group by 8.7% during the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after acquiring an additional 7,064 shares in the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price objective on The PNC Financial Services Group from $228.50 to $251.00 and gave the company an “overweight” rating in a report on Monday, February 9th. Wells Fargo & Company increased their price objective on The PNC Financial Services Group from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Barclays lifted their target price on shares of The PNC Financial Services Group from $235.00 to $271.00 and gave the stock an “overweight” rating in a research note on Monday, January 5th. Oppenheimer lifted their price target on The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of The PNC Financial Services Group in a report on Monday, December 22nd. Fifteen equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, The PNC Financial Services Group has a consensus rating of “Moderate Buy” and a consensus target price of $234.44.

Insider Buying and Selling at The PNC Financial Services Group

In other news, EVP Richard Kevin Bynum sold 7,407 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the sale, the executive vice president owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. This represents a 79.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 50,000 shares of the stock in a transaction on Friday, February 20th. The shares were sold at an average price of $230.88, for a total value of $11,544,000.00. Following the completion of the sale, the chief executive officer owned 554,274 shares in the company, valued at approximately $127,970,781.12. The trade was a 8.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 64,186 shares of company stock valued at $14,840,973 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Stock Up 0.4%

Shares of PNC opened at $213.91 on Thursday. The stock has a 50 day moving average price of $222.34 and a 200 day moving average price of $204.87. The stock has a market capitalization of $86.28 billion, a price-to-earnings ratio of 12.89, a PEG ratio of 0.89 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The PNC Financial Services Group, Inc has a one year low of $145.12 and a one year high of $243.94.

The PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.88 EPS for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a return on equity of 11.87% and a net margin of 20.40%.The firm had revenue of $6.07 billion for the quarter, compared to the consensus estimate of $5.90 billion. During the same quarter last year, the business posted $3.77 earnings per share. The firm’s revenue was up 9.1% compared to the same quarter last year. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were paid a dividend of $1.70 per share. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 dividend on an annualized basis and a yield of 3.2%. The PNC Financial Services Group’s dividend payout ratio is 40.99%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.