First Business Financial Services Inc. Sells 591 Shares of PNC Financial Services Group Inc (NYSE:PNC)

First Business Financial Services Inc. cut its stake in shares of PNC Financial Services Group Inc (NYSE:PNC) by 21.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,160 shares of the financial services provider’s stock after selling 591 shares during the quarter. First Business Financial Services Inc.’s holdings in PNC Financial Services Group were worth $303,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PNC. Brightworth grew its position in PNC Financial Services Group by 4.1% during the second quarter. Brightworth now owns 1,784 shares of the financial services provider’s stock valued at $245,000 after buying an additional 70 shares during the period. City Holding Co. boosted its stake in PNC Financial Services Group by 1.7% during the third quarter. City Holding Co. now owns 4,273 shares of the financial services provider’s stock worth $599,000 after buying an additional 72 shares during the last quarter. Canal Capital Management LLC raised its position in PNC Financial Services Group by 0.8% in the third quarter. Canal Capital Management LLC now owns 9,278 shares of the financial services provider’s stock valued at $1,300,000 after purchasing an additional 73 shares during the period. SevenBridge Financial Group LLC increased its holdings in PNC Financial Services Group by 0.5% during the 3rd quarter. SevenBridge Financial Group LLC now owns 14,576 shares of the financial services provider’s stock worth $2,043,000 after purchasing an additional 75 shares during the period. Finally, Trust Co. of Vermont boosted its position in shares of PNC Financial Services Group by 1.4% in the 3rd quarter. Trust Co. of Vermont now owns 5,567 shares of the financial services provider’s stock valued at $780,000 after purchasing an additional 75 shares during the period. 80.68% of the stock is currently owned by institutional investors and hedge funds.

In related news, Director Charles E. Bunch purchased 1,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $124.38 per share, with a total value of $124,380.00. Following the completion of the purchase, the director now directly owns 3,781 shares of the company’s stock, valued at $470,280.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 17,132 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $135.11, for a total transaction of $2,314,704.52. Following the sale, the chief executive officer now directly owns 507,979 shares in the company, valued at $68,633,042.69. The disclosure for this sale can be found here. 0.37% of the stock is owned by corporate insiders.

PNC stock traded down $0.87 during midday trading on Friday, reaching $152.20. The company had a trading volume of 1,573,036 shares, compared to its average volume of 2,010,443. The company has a quick ratio of 0.87, a current ratio of 0.88 and a debt-to-equity ratio of 1.10. The stock has a 50 day moving average price of $143.35 and a 200 day moving average price of $136.47. PNC Financial Services Group Inc has a fifty-two week low of $108.45 and a fifty-two week high of $154.75. The firm has a market capitalization of $67.25 billion, a PE ratio of 14.21, a P/E/G ratio of 1.83 and a beta of 1.14.

PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Wednesday, October 16th. The financial services provider reported $2.94 EPS for the quarter, beating the Zacks’ consensus estimate of $2.80 by $0.14. PNC Financial Services Group had a return on equity of 10.94% and a net margin of 24.96%. The company had revenue of $4.49 billion during the quarter, compared to the consensus estimate of $4.41 billion. During the same period in the previous year, the firm posted $2.82 earnings per share. PNC Financial Services Group’s quarterly revenue was up 3.1% compared to the same quarter last year. Research analysts predict that PNC Financial Services Group Inc will post 11.33 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 5th. Stockholders of record on Thursday, October 17th were paid a dividend of $1.15 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a $4.60 annualized dividend and a dividend yield of 3.02%. PNC Financial Services Group’s dividend payout ratio (DPR) is currently 42.95%.

A number of equities research analysts have commented on the company. ValuEngine upgraded PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their price objective on PNC Financial Services Group from $147.50 to $155.50 and gave the company an “overweight” rating in a report on Monday, November 4th. Barclays set a $158.00 price objective on PNC Financial Services Group and gave the company a “hold” rating in a report on Thursday, October 17th. Robert W. Baird set a $141.00 price objective on PNC Financial Services Group and gave the company a “buy” rating in a report on Monday, August 26th. Finally, Morgan Stanley boosted their price objective on PNC Financial Services Group from $141.00 to $157.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. PNC Financial Services Group presently has a consensus rating of “Hold” and an average price target of $146.20.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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