Gamco Investors INC. ET AL Sells 10,421 Shares of The PNC Financial Services Group, Inc $PNC

Gamco Investors INC. ET AL cut its stake in The PNC Financial Services Group, Inc (NYSE:PNC) by 6.6% in the third quarter, HoldingsChannel.com reports. The fund owned 147,271 shares of the financial services provider’s stock after selling 10,421 shares during the period. Gamco Investors INC. ET AL’s holdings in The PNC Financial Services Group were worth $29,591,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PNC. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of The PNC Financial Services Group by 12.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 57,835 shares of the financial services provider’s stock valued at $11,621,000 after buying an additional 6,572 shares during the period. US Bancorp DE grew its holdings in shares of The PNC Financial Services Group by 13.4% in the third quarter. US Bancorp DE now owns 287,236 shares of the financial services provider’s stock worth $57,714,000 after acquiring an additional 34,009 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of The PNC Financial Services Group by 1.2% in the third quarter. Envestnet Asset Management Inc. now owns 1,837,301 shares of the financial services provider’s stock worth $369,169,000 after acquiring an additional 22,325 shares during the period. National Pension Service increased its position in The PNC Financial Services Group by 2.5% during the third quarter. National Pension Service now owns 1,070,589 shares of the financial services provider’s stock valued at $215,113,000 after acquiring an additional 26,305 shares during the last quarter. Finally, Savant Capital LLC increased its position in The PNC Financial Services Group by 8.7% during the third quarter. Savant Capital LLC now owns 87,952 shares of the financial services provider’s stock valued at $17,672,000 after acquiring an additional 7,064 shares during the last quarter. Institutional investors own 83.53% of the company’s stock.

Insider Buying and Selling

In related news, EVP Richard Kevin Bynum sold 7,407 shares of The PNC Financial Services Group stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $230.98, for a total transaction of $1,710,868.86. Following the completion of the transaction, the executive vice president directly owned 1,942 shares of the company’s stock, valued at approximately $448,563.16. The trade was a 79.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $233.91, for a total value of $584,775.00. Following the transaction, the executive vice president owned 21,120 shares of the company’s stock, valued at $4,940,179.20. This trade represents a 10.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 64,186 shares of company stock valued at $14,840,973. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PNC. Oppenheimer increased their price objective on shares of The PNC Financial Services Group from $268.00 to $284.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Keefe, Bruyette & Woods boosted their target price on shares of The PNC Financial Services Group from $228.00 to $247.00 and gave the company a “market perform” rating in a research report on Tuesday, January 20th. Morgan Stanley upped their target price on shares of The PNC Financial Services Group from $211.00 to $221.00 and gave the company an “underweight” rating in a report on Tuesday, January 20th. Wells Fargo & Company increased their price target on shares of The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Finally, TD Cowen lifted their price target on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $234.44.

The PNC Financial Services Group Stock Down 2.9%

Shares of PNC opened at $206.26 on Friday. The business’s 50 day moving average is $222.17 and its 200 day moving average is $205.02. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.90. The PNC Financial Services Group, Inc has a 12-month low of $145.12 and a 12-month high of $243.94. The company has a market capitalization of $83.20 billion, a PE ratio of 12.43, a price-to-earnings-growth ratio of 0.89 and a beta of 0.98.

The PNC Financial Services Group (NYSE:PNC) last issued its earnings results on Friday, January 16th. The financial services provider reported $4.88 earnings per share for the quarter, topping analysts’ consensus estimates of $4.23 by $0.65. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm had revenue of $6.07 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter in the prior year, the business earned $3.77 earnings per share. The PNC Financial Services Group’s revenue for the quarter was up 9.1% on a year-over-year basis. Research analysts expect that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Tuesday, January 20th were given a $1.70 dividend. The ex-dividend date was Tuesday, January 20th. This represents a $6.80 annualized dividend and a yield of 3.3%. The PNC Financial Services Group’s dividend payout ratio (DPR) is currently 40.99%.

About The PNC Financial Services Group

The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.

PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.