PNC Financial Services Group Inc (NYSE:PNC) Position Trimmed by USS Investment Management Ltd

USS Investment Management Ltd decreased its holdings in shares of PNC Financial Services Group Inc (NYSE:PNC) by 58.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,400 shares of the financial services provider’s stock after selling 113,800 shares during the period. USS Investment Management Ltd’s holdings in PNC Financial Services Group were worth $11,158,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Farmers & Merchants Trust Co of Chambersburg PA bought a new position in shares of PNC Financial Services Group during the first quarter worth about $25,000. Field & Main Bank bought a new position in shares of PNC Financial Services Group during the first quarter worth about $25,000. IMA Wealth Inc. bought a new position in shares of PNC Financial Services Group during the first quarter worth about $25,000. Penserra Capital Management LLC bought a new position in shares of PNC Financial Services Group during the first quarter worth about $25,000. Finally, Meridian Wealth Management LLC bought a new position in shares of PNC Financial Services Group during the first quarter worth about $33,000. Hedge funds and other institutional investors own 80.63% of the company’s stock.

PNC traded up $0.21 on Wednesday, reaching $142.13. The company had a trading volume of 53,709 shares, compared to its average volume of 1,757,713. PNC Financial Services Group Inc has a one year low of $108.45 and a one year high of $147.23. The company has a debt-to-equity ratio of 1.40, a current ratio of 0.94 and a quick ratio of 0.94. The stock has a market cap of $64.47 billion, a P/E ratio of 13.28, a P/E/G ratio of 1.86 and a beta of 1.09. The firm has a fifty day moving average of $138.38.

PNC Financial Services Group (NYSE:PNC) last issued its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $2.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.83 by $0.05. PNC Financial Services Group had a net margin of 25.46% and a return on equity of 11.10%. The company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the prior year, the company earned $2.72 EPS. PNC Financial Services Group’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts forecast that PNC Financial Services Group Inc will post 11.29 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 5th. Shareholders of record on Friday, July 19th will be issued a $1.15 dividend. This represents a $4.60 dividend on an annualized basis and a yield of 3.24%. This is an increase from PNC Financial Services Group’s previous quarterly dividend of $0.95. The ex-dividend date is Thursday, July 18th. PNC Financial Services Group’s dividend payout ratio is presently 42.95%.

In other PNC Financial Services Group news, insider Michael J. Hannon sold 5,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $138.41, for a total transaction of $692,050.00. Following the completion of the sale, the insider now directly owns 52,417 shares of the company’s stock, valued at $7,255,036.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gregory H. Kozich sold 10,000 shares of the company’s stock in a transaction dated Friday, July 19th. The shares were sold at an average price of $139.82, for a total transaction of $1,398,200.00. Following the sale, the insider now directly owns 20,080 shares of the company’s stock, valued at $2,807,585.60. The disclosure for this sale can be found here. Insiders sold a total of 129,995 shares of company stock valued at $18,246,578 over the last three months. 0.37% of the stock is owned by corporate insiders.

PNC has been the subject of several recent research reports. UBS Group set a $133.00 price target on shares of PNC Financial Services Group and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. ValuEngine upgraded shares of PNC Financial Services Group from a “sell” rating to a “hold” rating in a research report on Thursday, April 18th. JPMorgan Chase & Co. upped their price target on shares of PNC Financial Services Group from $137.50 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Barclays upped their price target on shares of PNC Financial Services Group from $156.00 to $157.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Finally, Morgan Stanley lowered their price target on shares of PNC Financial Services Group from $142.00 to $136.00 and set an “equal weight” rating for the company in a research report on Monday, July 8th. Twelve research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. PNC Financial Services Group has a consensus rating of “Hold” and a consensus target price of $142.99.

PNC Financial Services Group Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The Retail Banking segment offers deposit, lending, brokerage, insurance, 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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Institutional Ownership by Quarter for PNC Financial Services Group (NYSE:PNC)

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