First County Bank CT Trims Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

First County Bank CT lowered its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 9.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,079 shares of the financial services provider’s stock after selling 884 shares during the quarter. First County Bank CT’s holdings in The PNC Financial Services Group were worth $1,256,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Valley Brook Capital Group Inc. boosted its stake in The PNC Financial Services Group by 0.6% in the 2nd quarter. Valley Brook Capital Group Inc. now owns 10,598 shares of the financial services provider’s stock worth $1,648,000 after purchasing an additional 62 shares during the period. Kowal Investment Group LLC lifted its holdings in shares of The PNC Financial Services Group by 2.6% in the second quarter. Kowal Investment Group LLC now owns 2,644 shares of the financial services provider’s stock worth $411,000 after buying an additional 68 shares in the last quarter. Ranch Capital Advisors Inc. boosted its position in shares of The PNC Financial Services Group by 1.0% during the second quarter. Ranch Capital Advisors Inc. now owns 7,137 shares of the financial services provider’s stock worth $1,110,000 after acquiring an additional 69 shares during the last quarter. Triangle Securities Wealth Management grew its stake in The PNC Financial Services Group by 1.8% during the first quarter. Triangle Securities Wealth Management now owns 4,019 shares of the financial services provider’s stock valued at $649,000 after acquiring an additional 70 shares in the last quarter. Finally, Cooper Financial Group lifted its stake in The PNC Financial Services Group by 1.7% in the 1st quarter. Cooper Financial Group now owns 4,241 shares of the financial services provider’s stock worth $685,000 after purchasing an additional 70 shares in the last quarter. 83.53% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PNC has been the topic of several research reports. Compass Point cut The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 22nd. Keefe, Bruyette & Woods lifted their price objective on The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company increased their target price on The PNC Financial Services Group from $194.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, July 17th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, The Goldman Sachs Group lowered their price objective on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $176.90.

Insiders Place Their Bets

In other news, CEO William S. Demchak sold 641 shares of the firm’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $158.10, for a total transaction of $101,342.10. Following the transaction, the chief executive officer now owns 567,041 shares in the company, valued at $89,649,182.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $158.10, for a total transaction of $101,342.10. Following the transaction, the chief executive officer now directly owns 567,041 shares of the company’s stock, valued at $89,649,182.10. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William S. Demchak sold 1,242 shares of the stock in a transaction on Friday, July 12th. The shares were sold at an average price of $167.50, for a total value of $208,035.00. Following the sale, the chief executive officer now directly owns 563,395 shares in the company, valued at approximately $94,368,662.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,223 shares of company stock worth $4,453,360. 0.42% of the stock is currently owned by company insiders.

The PNC Financial Services Group Price Performance

PNC opened at $183.33 on Friday. The business has a fifty day moving average of $177.77 and a 200 day moving average of $163.79. The stock has a market cap of $72.95 billion, a P/E ratio of 15.39, a PEG ratio of 2.03 and a beta of 1.14. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $187.78.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business’s revenue was up 2.2% on a year-over-year basis. During the same period in the previous year, the firm earned $3.36 earnings per share. As a group, sell-side analysts anticipate 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 disclosed a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Monday, July 15th were issued a dividend of $1.60 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. This represents a $6.40 annualized dividend and a yield of 3.49%. The ex-dividend date was Monday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

The PNC Financial Services Group Company 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.