Insigneo Advisory Services LLC Reduces Stake in The PNC Financial Services Group, Inc. (NYSE:PNC)

Insigneo Advisory Services LLC lessened its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 12.0% in the second quarter, Holdings Channel reports. The fund owned 5,258 shares of the financial services provider’s stock after selling 718 shares during the quarter. Insigneo Advisory Services LLC’s holdings in The PNC Financial Services Group were worth $872,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of The PNC Financial Services Group by 59.7% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 76,196 shares of the financial services provider’s stock valued at $11,847,000 after purchasing an additional 28,486 shares during the last quarter. Marshall Wace LLP grew its position in The PNC Financial Services Group by 5,419.9% during the second quarter. Marshall Wace LLP now owns 259,049 shares of the financial services provider’s stock valued at $40,277,000 after buying an additional 254,356 shares during the period. Providence Capital Advisors LLC purchased a new stake in The PNC Financial Services Group during the second quarter valued at approximately $5,380,000. Evergreen Capital Management LLC raised its position in The PNC Financial Services Group by 7.2% in the second quarter. Evergreen Capital Management LLC now owns 3,021 shares of the financial services provider’s stock worth $470,000 after acquiring an additional 204 shares during the period. Finally, Public Sector Pension Investment Board boosted its stake in shares of The PNC Financial Services Group by 2.3% during the 2nd quarter. Public Sector Pension Investment Board now owns 217,509 shares of the financial services provider’s stock worth $33,818,000 after acquiring an additional 4,880 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PNC shares. Citigroup lifted their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, July 17th. Compass Point downgraded shares of The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the company from $185.00 to $200.00 in a report on Thursday, August 15th. Wells Fargo & Company upped their price objective on The PNC Financial Services Group from $194.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 17th. Finally, Keefe, Bruyette & Woods lifted their target price on The PNC Financial Services Group from $152.00 to $162.00 and gave the company an “underperform” rating in a research note on Wednesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $176.90.

The PNC Financial Services Group Trading Down 1.5 %

PNC opened at $181.77 on Thursday. The PNC Financial Services Group, Inc. has a 12 month low of $109.40 and a 12 month high of $187.78. The company has a current ratio of 0.83, a quick ratio of 0.82 and a debt-to-equity ratio of 1.36. The stock has a 50-day moving average of $177.58 and a 200 day moving average of $163.53. The firm has a market cap of $72.25 billion, a P/E ratio of 15.26, a P/E/G ratio of 2.03 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate of $3.00 by $0.30. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.40 billion. The PNC Financial Services Group had a return on equity of 11.33% and a net margin of 15.53%. The company’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.36 EPS. As a group, research analysts forecast that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a $1.60 dividend. The ex-dividend date was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.52%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is currently 53.74%.

Insider Transactions at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 1,242 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $186.45, for a total value of $231,570.90. Following the sale, the chief executive officer now directly owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $186.45, for a total transaction of $231,570.90. Following the transaction, the chief executive officer now owns 550,975 shares of the company’s stock, valued at $102,729,288.75. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Michael P. Lyons sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $181.58, for a total value of $1,997,380.00. Following the sale, the president now directly owns 199,095 shares of the company’s stock, valued at $36,151,670.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,864 shares of company stock worth $4,551,485. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Profile

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.