Westpac Banking Corp decreased its position in PNC Financial Services Group Inc (NYSE:PNC) by 6.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 38,315 shares of the financial services provider’s stock after selling 2,463 shares during the period. Westpac Banking Corp’s holdings in PNC Financial Services Group were worth $4,700,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Trust Co of Chambersburg PA purchased a new position in PNC Financial Services Group in the first quarter valued at $25,000. Field & Main Bank purchased a new stake in shares of PNC Financial Services Group during the first quarter worth about $25,000. Penserra Capital Management LLC purchased a new stake in shares of PNC Financial Services Group during the first quarter worth about $25,000. IMA Wealth Inc. purchased a new stake in shares of PNC Financial Services Group during the first quarter worth about $25,000. Finally, Executive Wealth Management LLC purchased a new stake in shares of PNC Financial Services Group during the fourth quarter worth about $29,000. 80.36% of the stock is owned by institutional investors.

In related news, insider Joseph E. Rockey sold 6,000 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $135.00, for a total transaction of $810,000.00. Following the completion of the sale, the insider now owns 24,747 shares of the company’s stock, valued at approximately $3,340,845. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

A number of analysts have recently commented on PNC shares. Zacks Investment Research cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research note on Monday, March 11th. UBS Group set a $133.00 target price on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research note on Tuesday, April 2nd. ValuEngine raised shares of PNC Financial Services Group from a “sell” rating to a “hold” rating in a research note on Thursday, April 18th. Macquarie raised shares of PNC Financial Services Group from a “neutral” rating to an “outperform” rating in a research note on Wednesday, March 6th. Finally, Morgan Stanley boosted their target price on shares of PNC Financial Services Group from $138.00 to $142.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Twelve research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $143.63.

PNC stock opened at $135.21 on Friday. PNC Financial Services Group Inc has a 52 week low of $108.45 and a 52 week high of $147.23. The stock has a market cap of $61.04 billion, a PE ratio of 12.62, a P/E/G ratio of 1.58 and a beta of 1.09. The company has a debt-to-equity ratio of 1.23, a current ratio of 0.88 and a quick ratio of 0.88.

PNC Financial Services Group (NYSE:PNC) last announced its quarterly earnings data on Friday, April 12th. The financial services provider reported $2.61 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.61. PNC Financial Services Group had a net margin of 25.93% and a return on equity of 11.20%. The company had revenue of $4.29 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the company earned $2.43 EPS. As a group, equities analysts anticipate that PNC Financial Services Group Inc will post 11.33 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “PNC Financial Services Group Inc (NYSE:PNC) Holdings Trimmed by Westpac Banking Corp” was first reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this report on another site, it was illegally copied and reposted in violation of United States and international copyright and trademark law. The legal version of this report can be read at https://www.thecerbatgem.com/2019/06/16/pnc-financial-services-group-inc-nysepnc-holdings-trimmed-by-westpac-banking-corp.html.

About PNC Financial Services Group

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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