Hennessy Advisors Inc. lessened its position in PNC Financial Services Group Inc (NYSE:PNC) by 25.9% during the first quarter, Holdings Channel reports. The fund owned 10,000 shares of the financial services provider’s stock after selling 3,500 shares during the period. Hennessy Advisors Inc.’s holdings in PNC Financial Services Group were worth $1,227,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. IMS Capital Management bought a new stake in shares of PNC Financial Services Group during the 3rd quarter valued at about $28,000. Executive Wealth Management LLC bought a new stake in shares of PNC Financial Services Group during the 4th quarter valued at about $29,000. Transamerica Financial Advisors Inc. bought a new stake in shares of PNC Financial Services Group during the 4th quarter valued at about $36,000. Athena Capital Advisors LLC bought a new stake in shares of PNC Financial Services Group during the 4th quarter valued at about $37,000. Finally, Ipswich Investment Management Co. Inc. bought a new stake in shares of PNC Financial Services Group during the 4th quarter valued at about $43,000. 82.25% of the stock is currently owned by institutional investors and hedge funds.
PNC Financial Services Group stock opened at $127.29 on Thursday. The firm has a market cap of $57.52 billion, a P/E ratio of 11.89, a price-to-earnings-growth ratio of 1.48 and a beta of 1.05. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 1.10. PNC Financial Services Group Inc has a 52-week low of $108.45 and a 52-week high of $152.98.
The business also recently declared a quarterly dividend, which will be paid on Sunday, May 5th. Stockholders of record on Tuesday, April 16th will be issued a $0.95 dividend. This represents a $3.80 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Monday, April 15th. PNC Financial Services Group’s payout ratio is presently 35.48%.
In other PNC Financial Services Group news, EVP Robert Q. Reilly sold 12,361 shares of the stock in a transaction dated Friday, February 8th. The shares were sold at an average price of $122.50, for a total transaction of $1,514,222.50. Following the transaction, the executive vice president now directly owns 118,671 shares in the company, valued at approximately $14,537,197.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Martin Pfinsgraff bought 500 shares of the company’s stock in a transaction on Thursday, February 21st. The shares were acquired at an average price of $125.69 per share, for a total transaction of $62,845.00. The disclosure for this purchase can be found here. Corporate insiders own 0.37% of the company’s stock.
PNC has been the subject of a number of recent research reports. Bank of America cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating in a research report on Thursday, January 10th. Zacks Investment Research cut shares of PNC Financial Services Group from a “hold” rating to a “sell” rating in a research report on Wednesday, March 20th. Royal Bank of Canada lowered their price target on shares of PNC Financial Services Group to $150.00 and set an “average” rating for the company in a research report on Thursday, January 17th. Goldman Sachs Group cut shares of PNC Financial Services Group from a “buy” rating to a “neutral” rating and lowered their price target for the company from $154.00 to $144.00 in a research report on Monday, January 7th. Finally, Morgan Stanley lowered their price target on shares of PNC Financial Services Group from $147.00 to $135.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 8th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $144.99.
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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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