The PNC Financial Services Group, Inc (NYSE:PNC) Shares Sold by Forsta AP Fonden

Forsta AP Fonden lessened its holdings in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 5.6% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 120,400 shares of the financial services provider’s stock after selling 7,200 shares during the period. Forsta AP Fonden’s holdings in The PNC Financial Services Group were worth $21,163,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Cornerstone Planning Group LLC grew its position in shares of The PNC Financial Services Group by 50.8% during the 1st quarter. Cornerstone Planning Group LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 65 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in The PNC Financial Services Group in the 1st quarter worth about $35,000. REAP Financial Group LLC grew its position in The PNC Financial Services Group by 67.2% in the 4th quarter. REAP Financial Group LLC now owns 199 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 80 shares during the last quarter. True Wealth Design LLC grew its position in The PNC Financial Services Group by 41.5% in the 4th quarter. True Wealth Design LLC now owns 201 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 59 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new position in The PNC Financial Services Group in the 1st quarter worth about $41,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Up 1.3%

PNC stock opened at $189.58 on Friday. The PNC Financial Services Group, Inc has a 12 month low of $145.12 and a 12 month high of $216.26. The firm has a market cap of $74.66 billion, a PE ratio of 12.97, a P/E/G ratio of 1.39 and a beta of 1.09. The firm has a 50 day simple moving average of $187.37 and a 200 day simple moving average of $179.97. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.80 and a quick ratio of 0.80.

The PNC Financial Services Group (NYSE:PNC) last released its earnings results on Wednesday, July 16th. The financial services provider reported $3.85 EPS for the quarter, beating the consensus estimate of $3.56 by $0.29. The PNC Financial Services Group had a net margin of 18.33% and a return on equity of 11.07%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $5.61 billion. During the same period in the prior year, the business earned $3.39 earnings per share. The business’s quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 5th. Investors of record on Tuesday, July 15th were paid a dividend of $1.70 per share. This is a boost from The PNC Financial Services Group’s previous quarterly dividend of $1.60. This represents a $6.80 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Tuesday, July 15th. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 46.51%.

Analysts Set New Price Targets

PNC has been the subject of several recent analyst reports. Raymond James Financial upgraded shares of The PNC Financial Services Group from a “market perform” rating to an “outperform” rating and set a $220.00 target price for the company in a research report on Tuesday, July 8th. Wolfe Research restated a “peer perform” rating on shares of The PNC Financial Services Group in a research report on Thursday, July 3rd. Royal Bank Of Canada decreased their target price on shares of The PNC Financial Services Group from $205.00 to $195.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Wall Street Zen upgraded shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Friday, July 18th. Finally, The Goldman Sachs Group upped their target price on shares of The PNC Financial Services Group from $178.00 to $196.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, The PNC Financial Services Group has an average rating of “Moderate Buy” and an average price target of $214.17.

Insider Activity at The PNC Financial Services Group

In related news, EVP Kieran John Fallon sold 1,492 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $174.56, for a total value of $260,443.52. Following the completion of the sale, the executive vice president owned 20,490 shares in the company, valued at approximately $3,576,734.40. This represents a 6.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $169.75, for a total transaction of $210,829.50. Following the completion of the sale, the chief executive officer owned 554,879 shares of the company’s stock, valued at approximately $94,190,710.25. This trade represents a 0.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 3,976 shares of company stock valued at $693,765. Company insiders own 0.41% of the company’s stock.

About The PNC Financial Services Group

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.