Parsec Financial Management Inc. decreased its position in PNC Financial Services Group Inc. (NYSE:PNC) by 3.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,656 shares of the company’s stock after selling 6,158 shares during the period. PNC Financial Services Group makes up 1.4% of Parsec Financial Management Inc.’s portfolio, making the stock its 25th largest position. Parsec Financial Management Inc.’s holdings in PNC Financial Services Group were worth $14,541,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Iowa State Bank purchased a new position in PNC Financial Services Group during the second quarter worth $114,000. Barrett Asset Management LLC increased its position in PNC Financial Services Group by 162.3% in the second quarter. Barrett Asset Management LLC now owns 1,705 shares of the company’s stock worth $139,000 after buying an additional 1,055 shares during the period. NEXT Financial Group Inc increased its position in PNC Financial Services Group by 42.8% in the second quarter. NEXT Financial Group Inc now owns 2,006 shares of the company’s stock worth $163,000 after buying an additional 601 shares during the period. Ropes Wealth Advisors LLC increased its position in PNC Financial Services Group by 113.7% in the first quarter. Ropes Wealth Advisors LLC now owns 1,947 shares of the company’s stock worth $165,000 after buying an additional 1,036 shares during the period. Finally, Savant Capital LLC purchased a new position in PNC Financial Services Group during the second quarter worth $203,000. 80.21% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

Shares of PNC Financial Services Group Inc. (NYSE:PNC) traded down 0.34% during midday trading on Friday, reaching $91.51. The company’s stock had a trading volume of 1,708,582 shares. The company’s 50-day moving average price is $89.05 and its 200 day moving average price is $86.00. The company has a market capitalization of $44.97 billion, a P/E ratio of 12.62 and a beta of 0.91. PNC Financial Services Group Inc. has a 12-month low of $77.40 and a 12-month high of $97.50.

PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Friday, July 15th. The company reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.07. The business had revenue of $3.79 billion for the quarter. PNC Financial Services Group had a return on equity of 9.22% and a net margin of 24.32%. PNC Financial Services Group’s revenue was down 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.88 earnings per share. On average, equities research analysts forecast that PNC Financial Services Group Inc. will post $7.10 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Monday, October 17th will be given a dividend of $0.55 per share. The ex-dividend date is Thursday, October 13th. This represents a $2.20 annualized dividend and a dividend yield of 2.40%. PNC Financial Services Group’s dividend payout ratio (DPR) is presently 30.26%.

PNC has been the subject of several recent analyst reports. Credit Suisse Group AG reissued a “hold” rating on shares of PNC Financial Services Group in a report on Friday, June 10th. Raymond James Financial Inc. raised PNC Financial Services Group from an “underperform” rating to a “market perform” rating in a report on Thursday. Wells Fargo & Co. reissued a “hold” rating on shares of PNC Financial Services Group in a report on Saturday, July 9th. Barclays PLC cut their price objective on PNC Financial Services Group from $100.00 to $97.00 and set an “equal weight” rating for the company in a report on Monday, July 18th. Finally, Robert W. Baird reissued an “outperform” rating on shares of PNC Financial Services Group in a report on Thursday, August 4th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $96.65.

In other news, Director Daniel Hesse acquired 500 shares of PNC Financial Services Group stock in a transaction dated Thursday, July 21st. The shares were purchased at an average cost of $82.44 per share, for a total transaction of $41,220.00. Following the transaction, the director now owns 1,100 shares of the company’s stock, valued at $90,684. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Hannon sold 33,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $86.49, for a total value of $2,854,170.00. Following the transaction, the insider now owns 87,573 shares in the company, valued at $7,574,188.77. The disclosure for this sale can be found here. Insiders own 0.57% of the company’s stock.

About PNC Financial Services Group

The PNC Financial Services Group, Inc (PNC) is a diversified financial services company in the United States. The Company operates through six segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, Residential Mortgage Banking, BlackRock and Non-Strategic Assets Portfolio.

5 Day Chart for NYSE:PNC

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