Gateway Investment Advisers LLC Cuts Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Gateway Investment Advisers LLC reduced its position in The PNC Financial Services Group, Inc. (NYSE:PNC) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,717 shares of the financial services provider’s stock after selling 88 shares during the quarter. Gateway Investment Advisers LLC’s holdings in The PNC Financial Services Group were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in PNC. Norges Bank purchased a new position in The PNC Financial Services Group in the fourth quarter valued at about $1,039,481,000. Franklin Resources Inc. raised its position in The PNC Financial Services Group by 165.4% in the fourth quarter. Franklin Resources Inc. now owns 4,888,327 shares of the financial services provider’s stock valued at $756,957,000 after purchasing an additional 3,046,226 shares during the period. Capital International Investors raised its position in The PNC Financial Services Group by 14.4% in the fourth quarter. Capital International Investors now owns 15,739,631 shares of the financial services provider’s stock valued at $2,437,361,000 after purchasing an additional 1,978,854 shares during the period. Capital Research Global Investors raised its position in The PNC Financial Services Group by 19.5% in the fourth quarter. Capital Research Global Investors now owns 4,766,157 shares of the financial services provider’s stock valued at $738,039,000 after purchasing an additional 778,264 shares during the period. Finally, International Assets Investment Management LLC raised its position in The PNC Financial Services Group by 15,539.2% in the fourth quarter. International Assets Investment Management LLC now owns 644,021 shares of the financial services provider’s stock valued at $99,727,000 after purchasing an additional 639,903 shares during the period. 83.53% of the stock is owned by hedge funds and other institutional investors.

The PNC Financial Services Group Stock Down 0.1 %

NYSE:PNC opened at $151.74 on Thursday. The company has a market capitalization of $60.38 billion, a price-to-earnings ratio of 12.74, a price-to-earnings-growth ratio of 2.17 and a beta of 1.16. The PNC Financial Services Group, Inc. has a one year low of $109.40 and a one year high of $162.24. The stock has a 50-day simple moving average of $154.95 and a 200 day simple moving average of $152.74. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.85 and a current ratio of 0.85.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, April 16th. The financial services provider reported $3.10 EPS for the quarter, beating analysts’ consensus estimates of $3.09 by $0.01. The PNC Financial Services Group had a return on equity of 11.64% and a net margin of 16.05%. The company had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $5.19 billion. During the same period in the previous year, the firm posted $3.98 earnings per share. The PNC Financial Services Group’s quarterly revenue was down 8.2% compared to the same quarter last year. Sell-side analysts predict that The PNC Financial Services Group, Inc. will post 12.63 EPS for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Sunday, May 5th. Shareholders of record on Monday, April 15th were paid a $1.55 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $6.20 dividend on an annualized basis and a yield of 4.09%. The PNC Financial Services Group’s payout ratio is currently 52.06%.

Wall Street Analyst Weigh In

Several research analysts have commented on PNC shares. JPMorgan Chase & Co. cut their price objective on The PNC Financial Services Group from $163.50 to $163.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 1st. Wells Fargo & Company raised their target price on The PNC Financial Services Group from $185.00 to $194.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Evercore ISI raised their target price on The PNC Financial Services Group from $180.00 to $184.00 and gave the company an “outperform” rating in a research note on Tuesday. Keefe, Bruyette & Woods restated an “underperform” rating and set a $152.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, April 17th. Finally, StockNews.com upgraded The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Wednesday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $158.43.

Insider Buying and Selling at The PNC Financial Services Group

In other The PNC Financial Services Group news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total value of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $153.19, for a total transaction of $98,194.79. Following the completion of the transaction, the chief executive officer now directly owns 568,323 shares in the company, valued at $87,061,400.37. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Richard Kevin Bynum sold 850 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $155.87, for a total value of $132,489.50. Following the transaction, the executive vice president now owns 3,502 shares of the company’s stock, valued at $545,856.74. The disclosure for this sale can be found here. 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.