Praxis Investment Management Inc. Trims Stake in The PNC Financial Services Group, Inc $PNC

Praxis Investment Management Inc. reduced its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC) by 4.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 11,121 shares of the financial services provider’s stock after selling 570 shares during the period. Praxis Investment Management Inc.’s holdings in The PNC Financial Services Group were worth $2,073,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in PNC. Avior Wealth Management LLC lifted its holdings in The PNC Financial Services Group by 4.5% during the second quarter. Avior Wealth Management LLC now owns 1,213 shares of the financial services provider’s stock valued at $226,000 after purchasing an additional 52 shares in the last quarter. Rockland Trust Co. raised its position in shares of The PNC Financial Services Group by 0.5% in the second quarter. Rockland Trust Co. now owns 10,499 shares of the financial services provider’s stock valued at $1,957,000 after buying an additional 53 shares during the last quarter. Almanack Investment Partners LLC. increased its position in The PNC Financial Services Group by 2.3% during the second quarter. Almanack Investment Partners LLC. now owns 2,433 shares of the financial services provider’s stock worth $454,000 after purchasing an additional 55 shares during the last quarter. Rosenberg Matthew Hamilton increased its position in The PNC Financial Services Group by 15.0% during the second quarter. Rosenberg Matthew Hamilton now owns 429 shares of the financial services provider’s stock worth $80,000 after purchasing an additional 56 shares during the last quarter. Finally, Kestra Investment Management LLC increased its position in The PNC Financial Services Group by 11.4% during the first quarter. Kestra Investment Management LLC now owns 566 shares of the financial services provider’s stock worth $99,000 after purchasing an additional 58 shares during the last quarter. 83.53% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PNC shares. Stephens reaffirmed an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research note on Wednesday, September 10th. Citigroup lifted their price target on shares of The PNC Financial Services Group from $217.00 to $230.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Bank of America lifted their price target on shares of The PNC Financial Services Group from $223.00 to $226.00 and gave the stock a “buy” rating in a research note on Thursday, July 17th. Oppenheimer reissued an “outperform” rating and set a $240.00 price objective (up previously from $235.00) on shares of The PNC Financial Services Group in a report on Thursday. Finally, Wall Street Zen raised shares of The PNC Financial Services Group from a “sell” rating to a “hold” rating in a report on Friday, July 18th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $218.47.

The PNC Financial Services Group Trading Down 2.3%

Shares of PNC stock opened at $178.18 on Friday. The firm has a 50-day moving average price of $198.30 and a 200 day moving average price of $183.78. The PNC Financial Services Group, Inc has a twelve month low of $145.12 and a twelve month high of $216.26. The company has a market capitalization of $70.17 billion, a price-to-earnings ratio of 11.51, a PEG ratio of 1.27 and a beta of 1.10. The company has a current ratio of 0.81, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06.

The PNC Financial Services Group (NYSE:PNC) last posted its quarterly earnings data on Wednesday, October 15th. The financial services provider reported $4.35 EPS for the quarter, beating analysts’ consensus estimates of $4.05 by $0.30. The PNC Financial Services Group had a net margin of 19.30% and a return on equity of 11.47%. The company had revenue of $5.92 billion during the quarter, compared to the consensus estimate of $5.82 billion. During the same quarter in the prior year, the company posted $3.49 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Research analysts forecast that The PNC Financial Services Group, Inc will post 15.37 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 5th. Shareholders of record on Tuesday, October 14th will be issued a $1.70 dividend. This represents a $6.80 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Tuesday, October 14th. The PNC Financial Services Group’s dividend payout ratio is currently 46.51%.

The PNC Financial Services Group 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.