Morningstar Investment Management LLC Has $3.17 Million Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Morningstar Investment Management LLC lessened its holdings in The PNC Financial Services Group, Inc. (NYSE:PNC) by 7.6% in the second quarter, Holdings Channel reports. The institutional investor owned 20,354 shares of the financial services provider’s stock after selling 1,678 shares during the period. Morningstar Investment Management LLC’s holdings in The PNC Financial Services Group were worth $3,165,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale raised its holdings in The PNC Financial Services Group by 0.4% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 110,410 shares of the financial services provider’s stock valued at $16,567,000 after buying an additional 422 shares during the last quarter. Equity Investment Corp raised its holdings in The PNC Financial Services Group by 0.9% in the 2nd quarter. Equity Investment Corp now owns 688,379 shares of the financial services provider’s stock valued at $107,029,000 after buying an additional 5,847 shares during the last quarter. D Orazio & Associates Inc. bought a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $217,000. Altman Advisors Inc. raised its holdings in The PNC Financial Services Group by 1.8% in the 2nd quarter. Altman Advisors Inc. now owns 10,450 shares of the financial services provider’s stock valued at $1,625,000 after buying an additional 182 shares during the last quarter. Finally, Y.D. More Investments Ltd bought a new position in The PNC Financial Services Group in the 2nd quarter valued at approximately $33,000. Institutional investors own 83.53% of the company’s stock.

The PNC Financial Services Group Stock Performance

NYSE:PNC opened at $177.60 on Friday. The company has a fifty day moving average of $174.75 and a 200-day moving average of $161.44. The firm has a market capitalization of $70.60 billion, a P/E ratio of 14.91, a P/E/G ratio of 1.96 and a beta of 1.14. 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, Inc. has a twelve month low of $109.40 and a twelve month high of $185.84.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings data on Tuesday, July 16th. The financial services provider reported $3.30 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.40 billion. During the same quarter in the previous year, the business posted $3.36 EPS. The PNC Financial Services Group’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that The PNC Financial Services Group, Inc. will post 13.1 EPS for the current year.

The PNC Financial Services Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were given a $1.60 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $6.40 annualized dividend and a yield of 3.60%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 53.74%.

Analyst Ratings Changes

PNC has been the subject of a number of research reports. UBS Group raised their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Bank of America upgraded shares of The PNC Financial Services Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $185.00 to $200.00 in a report on Thursday, August 15th. Evercore ISI raised their price target on shares of The PNC Financial Services Group from $184.00 to $200.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Keefe, Bruyette & Woods raised their price target on shares of The PNC Financial Services Group from $152.00 to $162.00 and gave the stock an “underperform” rating in a report on Wednesday, July 17th. Finally, Royal Bank of Canada raised their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the stock an “outperform” rating in a report on Wednesday, July 17th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $176.90.

Insider Activity at The PNC Financial Services Group

In related news, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 28th. The shares were sold at an average price of $153.08, for a total value of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares of the company’s stock, valued at approximately $86,900,760.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other The PNC Financial Services Group news, CEO William S. Demchak sold 2,404 shares of The PNC Financial Services Group stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $160.00, for a total transaction of $384,640.00. Following the transaction, the chief executive officer now directly owns 564,637 shares of the company’s stock, valued at approximately $90,341,920. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William S. Demchak sold 641 shares of The PNC Financial Services Group stock in a transaction on Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the transaction, the chief executive officer now directly owns 567,682 shares in the company, valued at $86,900,760.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,263 shares of company stock valued at $4,418,109. 0.42% of the stock is owned by company 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.