Hsbc Holdings PLC lessened its stake in shares of The PNC Financial Services Group, Inc (NYSE:PNC – Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,091,133 shares of the financial services provider’s stock after selling 67,064 shares during the period. Hsbc Holdings PLC’s holdings in The PNC Financial Services Group were worth $268,765,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also recently modified their holdings of the company. Quarry LP acquired a new position in The PNC Financial Services Group in the 3rd quarter valued at about $25,000. Monetary Solutions Ltd purchased a new stake in shares of The PNC Financial Services Group during the 4th quarter valued at approximately $25,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in The PNC Financial Services Group in the second quarter valued at approximately $28,000. Modus Advisors LLC purchased a new position in The PNC Financial Services Group in the fourth quarter worth approximately $29,000. Finally, Financial Life Planners acquired a new stake in The PNC Financial Services Group during the first quarter worth $31,000. Hedge funds and other institutional investors own 83.53% of the company’s stock.
The PNC Financial Services Group Price Performance
PNC opened at $245.64 on Monday. The stock’s 50-day moving average price is $249.54 and its 200 day moving average price is $229.85. The PNC Financial Services Group, Inc has a 12-month low of $176.88 and a 12-month high of $258.96. The company has a current ratio of 0.85, a quick ratio of 0.84 and a debt-to-equity ratio of 1.34. The firm has a market cap of $98.00 billion, a price-to-earnings ratio of 13.52, a PEG ratio of 1.23 and a beta of 0.90.
The PNC Financial Services Group Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 5th. Investors of record on Monday, July 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 3.3%. This is an increase from The PNC Financial Services Group’s previous quarterly dividend of $1.70. The ex-dividend date was Monday, July 20th. The PNC Financial Services Group’s dividend payout ratio (DPR) is presently 44.03%.
Insider Activity at The PNC Financial Services Group
In other news, EVP Michael Thomas sold 1,500 shares of the company’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $238.14, for a total transaction of $357,210.00. Following the sale, the executive vice president owned 5,059 shares of the company’s stock, valued at approximately $1,204,750.26. This represents a 22.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Stacy M. Juchno sold 3,354 shares of The PNC Financial Services Group stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $255.84, for a total value of $858,087.36. Following the completion of the transaction, the executive vice president owned 18,800 shares of the company’s stock, valued at approximately $4,809,792. This trade represents a 15.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.38% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of equities research analysts have commented on PNC shares. Citigroup lifted their target price on The PNC Financial Services Group from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Morgan Stanley raised their price objective on The PNC Financial Services Group from $267.00 to $278.00 and gave the stock an “equal weight” rating in a research report on Monday, June 29th. JPMorgan Chase & Co. upped their target price on shares of The PNC Financial Services Group from $264.50 to $269.50 and gave the company an “overweight” rating in a research report on Wednesday, July 29th. Stephens increased their target price on shares of The PNC Financial Services Group from $265.00 to $275.00 and gave the stock an “overweight” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of The PNC Financial Services Group in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $265.73.
Check Out Our Latest Stock Analysis on The PNC Financial Services Group
The PNC Financial Services Group Profile
The PNC Financial Services Group, Inc is a diversified financial services company headquartered in Pittsburgh, Pennsylvania, offering a broad range of banking, lending, investment and wealth management services. PNC operates a national banking franchise with a significant retail branch network and dedicated capabilities for commercial, institutional and government clients. Its services are designed to serve individuals, small businesses, corporations and public sector entities across the United States.
PNC’s core business activities include consumer and business banking, residential mortgage lending, corporate and institutional banking, asset management and wealth advisory services.
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