The Manufacturers Life Insurance Company Lowers Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

The Manufacturers Life Insurance Company trimmed its stake in The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 418,526 shares of the financial services provider’s stock after selling 19,910 shares during the period. The Manufacturers Life Insurance Company owned about 0.11% of The PNC Financial Services Group worth $65,072,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. Bank & Trust Co acquired a new position in The PNC Financial Services Group during the second quarter worth $26,000. ORG Partners LLC boosted its holdings in The PNC Financial Services Group by 203.7% during the 2nd quarter. ORG Partners LLC now owns 164 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 110 shares during the period. LRI Investments LLC acquired a new position in The PNC Financial Services Group in the 1st quarter valued at about $28,000. Palisade Asset Management LLC purchased a new stake in The PNC Financial Services Group during the first quarter worth about $29,000. Finally, Core Wealth Advisors Inc. acquired a new stake in shares of The PNC Financial Services Group during the fourth quarter worth about $31,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

The PNC Financial Services Group Trading Down 0.1 %

NYSE:PNC opened at $183.07 on Friday. The company has a market capitalization of $72.77 billion, a PE ratio of 15.37, a P/E/G ratio of 2.02 and a beta of 1.14. The PNC Financial Services Group, Inc. has a 52-week low of $109.40 and a 52-week high of $187.78. The stock’s 50 day moving average price is $177.92 and its 200 day moving average price is $164.10. The company has a quick ratio of 0.82, a current ratio of 0.83 and a debt-to-equity ratio of 1.36.

The PNC Financial Services Group (NYSE:PNC) last announced its earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, beating analysts’ consensus estimates of $3.00 by $0.30. The PNC Financial Services Group had a net margin of 15.53% and a return on equity of 11.33%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.40 billion. During the same period in the previous year, the company posted $3.36 EPS. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, research analysts anticipate that The PNC Financial Services Group, Inc. will post 13.14 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Stockholders of record on Monday, July 15th were paid a dividend of $1.60 per share. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The ex-dividend date was Monday, July 15th. This represents a $6.40 annualized dividend and a dividend yield of 3.50%. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Citigroup lifted their price objective on shares of The PNC Financial Services Group from $175.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Barclays increased their price objective on The PNC Financial Services Group from $199.00 to $209.00 and gave the company an “overweight” rating in a research note on Wednesday, July 17th. The Goldman Sachs Group lowered their target price on The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a research note on Wednesday, September 11th. Bank of America raised The PNC Financial Services Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $185.00 to $200.00 in a research report on Thursday, August 15th. Finally, Compass Point downgraded The PNC Financial Services Group from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $176.90.

Insider Buying and Selling

In other The PNC Financial Services Group news, CEO William S. Demchak sold 1,242 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $186.45, for a total transaction of $231,570.90. Following the completion of the sale, the chief executive officer now directly owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO William S. Demchak sold 2,404 shares of the stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the completion of the transaction, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at $90,341,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $186.45, for a total transaction of $231,570.90. Following the completion of the sale, the chief executive officer now owns 550,975 shares of the company’s stock, valued at approximately $102,729,288.75. The disclosure for this sale can be found here. Insiders have sold a total of 25,223 shares of company stock valued at $4,453,360 over the last quarter. 0.42% of the stock is currently owned by insiders.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time 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.