Morris Capital Advisors LLC Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Morris Capital Advisors LLC lowered its stake in The PNC Financial Services Group, Inc. (NYSE:PNCGet Rating) by 2.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,168 shares of the financial services provider’s stock after selling 84 shares during the quarter. Morris Capital Advisors LLC’s holdings in The PNC Financial Services Group were worth $500,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Citizens National Bank Trust Department purchased a new position in shares of The PNC Financial Services Group during the 4th quarter worth $28,000. Guardian Wealth Management Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $32,000. Mascoma Wealth Management LLC lifted its stake in shares of The PNC Financial Services Group by 89.8% during the 1st quarter. Mascoma Wealth Management LLC now owns 167 shares of the financial services provider’s stock valued at $31,000 after buying an additional 79 shares in the last quarter. ACG Wealth purchased a new position in shares of The PNC Financial Services Group during the 2nd quarter valued at $27,000. Finally, Baltimore Washington Financial Advisors Inc. purchased a new position in shares of The PNC Financial Services Group during the 4th quarter valued at $227,000. Hedge funds and other institutional investors own 81.89% of the company’s stock.

The PNC Financial Services Group Trading Down 1.7 %

NYSE PNC traded down $2.66 during trading hours on Friday, hitting $152.01. 126,007 shares of the company were exchanged, compared to its average volume of 1,726,032. The stock has a 50-day moving average price of $163.92 and a 200 day moving average price of $168.71. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 0.75. The PNC Financial Services Group, Inc. has a 52 week low of $146.39 and a 52 week high of $228.14. The stock has a market cap of $62.34 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 2.37 and a beta of 1.21.

The PNC Financial Services Group (NYSE:PNCGet Rating) last released its earnings results on Friday, July 15th. The financial services provider reported $3.42 EPS for the quarter, beating analysts’ consensus estimates of $3.11 by $0.31. The firm had revenue of $5.12 billion for the quarter, compared to analysts’ expectations of $5.13 billion. The PNC Financial Services Group had a return on equity of 11.93% and a net margin of 27.32%. The company’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.50 earnings per share. Analysts forecast that The PNC Financial Services Group, Inc. will post 14.5 earnings per share for the current fiscal year.

The PNC Financial Services Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Wednesday, July 13th were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, July 12th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.95%. The PNC Financial Services Group’s dividend payout ratio is 46.95%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PNC shares. Wolfe Research lowered their target price on shares of The PNC Financial Services Group from $223.00 to $177.00 and set an “outperform” rating on the stock in a research note on Thursday, May 26th. Jefferies Financial Group reduced their price target on shares of The PNC Financial Services Group from $188.00 to $156.00 in a report on Monday, July 11th. Credit Suisse Group reduced their price target on shares of The PNC Financial Services Group from $172.00 to $170.00 and set a “neutral” rating on the stock in a report on Monday, July 18th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of The PNC Financial Services Group from $215.00 to $200.00 and set a “hold” rating on the stock in a report on Monday, September 12th. Finally, Barclays reduced their price target on shares of The PNC Financial Services Group from $250.00 to $222.00 and set an “overweight” rating on the stock in a report on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $197.78.

Insider Activity

In other news, EVP Michael P. Lyons sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $166.96, for a total transaction of $584,360.00. Following the transaction, the executive vice president now owns 174,651 shares of the company’s stock, valued at $29,159,730.96. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.34% of the company’s stock.

About The PNC Financial Services Group

(Get Rating)

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as certificates of deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.

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

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