CIBC Private Wealth Group LLC Sells 14,581 Shares of The PNC Financial Services Group, Inc $PNC

CIBC Private Wealth Group LLC trimmed its position in The PNC Financial Services Group, Inc (NYSE:PNC) by 1.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,206,754 shares of the financial services provider’s stock after selling 14,581 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.31% of The PNC Financial Services Group worth $242,473,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Quarry LP bought a new position in The PNC Financial Services Group in the 3rd quarter worth $25,000. Westfuller Advisors LLC bought a new stake in The PNC Financial Services Group during the third quarter valued at about $34,000. JPL Wealth Management LLC acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $37,000. Financial Life Planners acquired a new stake in shares of The PNC Financial Services Group in the third quarter valued at about $39,000. Finally, Bayforest Capital Ltd increased its stake in shares of The PNC Financial Services Group by 237.1% in the third quarter. Bayforest Capital Ltd now owns 209 shares of the financial services provider’s stock worth $42,000 after purchasing an additional 147 shares during the period. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Monday, December 22nd. Royal Bank Of Canada lifted their price target on The PNC Financial Services Group from $222.00 to $235.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price target on The PNC Financial Services Group from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Barclays increased their price objective on The PNC Financial Services Group from $235.00 to $271.00 and gave the company an “overweight” rating in a research report on Monday, January 5th. Finally, TD Cowen boosted their target price on shares of The PNC Financial Services Group from $250.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Fifteen research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, The PNC Financial Services Group currently has a consensus rating of “Moderate Buy” and an average price target of $234.44.

Insider Buying and Selling

In other news, EVP Louis Robert Cestello sold 4,279 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $234.01, for a total value of $1,001,328.79. Following the sale, the executive vice president directly owned 18,867 shares in the company, valued at approximately $4,415,066.67. This represents a 18.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Alexander E. C. Overstrom sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $233.91, for a total value of $584,775.00. Following the completion of the transaction, the executive vice president directly owned 21,120 shares of the company’s stock, valued at approximately $4,940,179.20. The trade was a 10.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 64,186 shares of company stock valued at $14,840,973 over the last ninety days. Company insiders own 0.41% of the company’s stock.

The PNC Financial Services Group Trading Up 1.6%

Shares of PNC stock opened at $204.03 on Wednesday. The PNC Financial Services Group, Inc has a 52-week low of $145.12 and a 52-week high of $243.94. The stock has a market cap of $82.30 billion, a price-to-earnings ratio of 12.30, a P/E/G ratio of 0.90 and a beta of 0.98. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a fifty day moving average of $220.96 and a 200-day moving average of $205.22.

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, beating the consensus estimate of $4.23 by $0.65. The business had revenue of $6.07 billion for the quarter, compared to analyst estimates of $5.90 billion. The PNC Financial Services Group had a net margin of 20.40% and a return on equity of 11.87%. The firm’s revenue was up 9.1% on a year-over-year basis. During the same period in the previous year, the business earned $3.77 EPS. On average, 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Shareholders of record on Tuesday, January 20th were issued a dividend of $1.70 per share. This represents a $6.80 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, January 20th. The PNC Financial Services Group’s payout ratio is presently 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.