PNC Financial Services Group Inc (PNC) Shares Sold by Equity Investment Corp

Equity Investment Corp lowered its position in PNC Financial Services Group Inc (NYSE:PNC) by 1.4% in the third quarter, HoldingsChannel reports. The institutional investor owned 419,379 shares of the financial services provider’s stock after selling 6,115 shares during the period. Equity Investment Corp’s holdings in PNC Financial Services Group were worth $57,115,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. TRUE Private Wealth Advisors purchased a new position in shares of PNC Financial Services Group in the third quarter valued at $127,000. Moneta Group Investment Advisors LLC purchased a new position in shares of PNC Financial Services Group in the second quarter valued at $143,000. Landaas & Co. WI ADV purchased a new position in shares of PNC Financial Services Group in the second quarter valued at $147,000. Archford Capital Strategies LLC increased its position in shares of PNC Financial Services Group by 197.0% in the second quarter. Archford Capital Strategies LLC now owns 1,090 shares of the financial services provider’s stock valued at $147,000 after buying an additional 723 shares in the last quarter. Finally, Kaizen Advisory LLC increased its position in shares of PNC Financial Services Group by 147.8% in the second quarter. Kaizen Advisory LLC now owns 1,150 shares of the financial services provider’s stock valued at $155,000 after buying an additional 686 shares in the last quarter. Institutional investors and hedge funds own 79.84% of the company’s stock.

PNC Financial Services Group stock opened at $133.28 on Thursday. The stock has a market cap of $60.30 billion, a P/E ratio of 15.68, a P/E/G ratio of 1.28 and a beta of 0.92. PNC Financial Services Group Inc has a 52 week low of $116.55 and a 52 week high of $163.59. The company has a debt-to-equity ratio of 1.11, a current ratio of 0.90 and a quick ratio of 0.89.

PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Friday, October 12th. The financial services provider reported $2.82 EPS for the quarter, topping analysts’ consensus estimates of $2.73 by $0.09. The firm had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.32 billion. PNC Financial Services Group had a return on equity of 10.88% and a net margin of 30.97%. During the same quarter last year, the business posted $2.16 EPS. As a group, sell-side analysts forecast that PNC Financial Services Group Inc will post 10.75 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 5th. Investors of record on Wednesday, October 17th were given a dividend of $0.95 per share. This represents a $3.80 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Tuesday, October 16th. PNC Financial Services Group’s dividend payout ratio is presently 44.71%.

In related news, EVP Robert Q. Reilly sold 24,710 shares of PNC Financial Services Group stock in a transaction dated Friday, September 14th. The stock was sold at an average price of $140.49, for a total transaction of $3,471,507.90. Following the completion of the sale, the executive vice president now owns 131,020 shares in the company, valued at approximately $18,406,999.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.38% of the company’s stock.

PNC has been the subject of a number of research analyst reports. ValuEngine cut PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Friday, October 12th. Morgan Stanley dropped their price target on PNC Financial Services Group from $168.00 to $160.00 and set an “equal weight” rating for the company in a research report on Monday, October 15th. Deutsche Bank upgraded PNC Financial Services Group from a “hold” rating to a “buy” rating in a research report on Monday, October 15th. Sanford C. Bernstein upgraded PNC Financial Services Group from a “market perform” rating to an “outperform” rating and dropped their price target for the company from $158.00 to $145.00 in a research report on Monday, October 15th. Finally, BMO Capital Markets dropped their price objective on PNC Financial Services Group to $139.00 and set an “outperform” rating for the company in a research report on Monday, October 15th. They noted that the move was a valuation call. Twelve analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. PNC Financial Services Group presently has an average rating of “Hold” and an average price target of $155.50.

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About PNC Financial Services Group

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States and internationally. The company operates through four segments: Retail Banking, Corporate & Institutional Banking, Asset Management Group, and BlackRock. The Retail Banking segment offers deposit, lending, brokerage, 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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Want to see what other hedge funds are holding PNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PNC Financial Services Group Inc (NYSE:PNC).

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

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