Massachusetts Financial Services Co. MA Reduces Stock Position in The PNC Financial Services Group, Inc. (NYSE:PNC)

Massachusetts Financial Services Co. MA decreased its stake in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 1.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,083,582 shares of the financial services provider’s stock after selling 135,477 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.78% of The PNC Financial Services Group worth $1,101,355,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNC. Brown Brothers Harriman & Co. grew its holdings in shares of The PNC Financial Services Group by 5.6% in the second quarter. Brown Brothers Harriman & Co. now owns 21,914 shares of the financial services provider’s stock valued at $3,407,000 after purchasing an additional 1,159 shares during the period. WINTON GROUP Ltd boosted its holdings in The PNC Financial Services Group by 32.3% in the 2nd quarter. WINTON GROUP Ltd now owns 6,453 shares of the financial services provider’s stock valued at $1,003,000 after purchasing an additional 1,576 shares during the last quarter. Prosperity Consulting Group LLC grew its stake in shares of The PNC Financial Services Group by 2.4% in the 2nd quarter. Prosperity Consulting Group LLC now owns 3,721 shares of the financial services provider’s stock valued at $579,000 after buying an additional 86 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in shares of The PNC Financial Services Group by 5.4% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 24,146 shares of the financial services provider’s stock worth $3,754,000 after buying an additional 1,236 shares during the last quarter. Finally, Thoroughbred Financial Services LLC raised its position in shares of The PNC Financial Services Group by 66.4% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 16,914 shares of the financial services provider’s stock valued at $2,629,000 after buying an additional 6,751 shares during the period. Institutional investors and hedge funds own 83.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on PNC shares. Citigroup raised their target price on The PNC Financial Services Group from $175.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Morgan Stanley boosted their price objective on shares of The PNC Financial Services Group from $165.00 to $177.00 and gave the company an “underweight” rating in a report on Tuesday, July 30th. Royal Bank of Canada lifted their price target on shares of The PNC Financial Services Group from $155.00 to $184.00 and gave the company an “outperform” rating in a research report on Wednesday, July 17th. UBS Group upped their price objective on shares of The PNC Financial Services Group from $179.00 to $198.00 and gave the stock a “buy” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group dropped their target price on shares of The PNC Financial Services Group from $189.00 to $180.00 and set a “neutral” rating for the company in a report on Wednesday, September 11th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, The PNC Financial Services Group currently has an average rating of “Hold” and a consensus target price of $176.90.

The PNC Financial Services Group Stock Performance

Shares of PNC opened at $177.24 on Monday. The stock has a 50-day simple moving average of $175.16 and a 200-day simple moving average of $161.89. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.82 and a current ratio of 0.83. The PNC Financial Services Group, Inc. has a 1 year low of $109.40 and a 1 year high of $185.84. The stock has a market capitalization of $70.45 billion, a PE ratio of 14.88, a PEG ratio of 1.96 and a beta of 1.14.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings results on Tuesday, July 16th. The financial services provider reported $3.30 EPS for the quarter, topping 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 analysts’ expectations of $5.40 billion. During the same quarter in the previous year, the business posted $3.36 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, analysts predict that The PNC Financial Services Group, Inc. will post 13.1 earnings per share for the current fiscal year.

The PNC Financial Services Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 5th. Investors of record on Monday, July 15th were issued a $1.60 dividend. This represents a $6.40 annualized dividend and a yield of 3.61%. The ex-dividend date was Monday, July 15th. This is a positive change from The PNC Financial Services Group’s previous quarterly dividend of $1.55. The PNC Financial Services Group’s dividend payout ratio is 53.74%.

Insider Buying and Selling at The PNC Financial Services Group

In other news, CEO William S. Demchak sold 641 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the transaction, the chief executive officer now directly 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 available at this hyperlink. In other news, CEO William S. Demchak sold 641 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $153.08, for a total transaction of $98,124.28. Following the completion of the sale, the chief executive officer now owns 567,682 shares in the company, valued at approximately $86,900,760.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Michael P. Lyons sold 11,000 shares of the stock in a transaction on Wednesday, July 31st. The shares were sold at an average price of $181.58, for a total transaction of $1,997,380.00. Following the completion of the transaction, the president now directly owns 199,095 shares in the company, valued at $36,151,670.10. The disclosure for this sale can be found here. Insiders have sold a total of 25,263 shares of company stock worth $4,418,109 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

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.